https://ift.tt/33IMawF Price Analysis: XMR/USD depreciates from $230

TL;DR Breakdown

• Monero price analysis is bullish today.
• The strongest resistance is present at $249.
• The strongest support is present at $211.

The Monero price analysis for January 16, 2022, appears to be following a slightly negative direction, with a probability of a reverse trend soon. The price has decreased significantly in the past few days and maintained its momentum. On January 14, 2022, the price started rising from $218 to $231; however, the price declined the next day. On January 15, 2022, the price went from $231 to $217. On January 16, 2021, the price went from $217 to $213. The cryptocurrency slightly increased right after and reached a price of $216, just shying away from the $220 mark. The price of Monero has been down 3.84% in the last 24-hours with a trading volume of $109,575,902.

XMR/USD 4-hour price analysis: Latest progress

The Monero price analysis reveals that the market’s volatility follows a decreasing direction. This signifies that the XMR/USD values subject to change will fluctuate as the volatility moves; less volatility means the XMR price is less prone to experience variable change. The upper limit of the Bollinger’s band is present at $230, which serves as the most substantial resistance for XMR. The lower limit of the Bollinger’s band is present at $211, which represents the strongest support for XMR. All indications point towards a squeeze happening soon.

The XMR/USD price appears to be traveling under the curve of the Moving Average, which indicates a bearish movement. The market’s momentum shows negative signs, which will help XMR contribute to its losses for a few days. The XMR price appears to follow a downwards movement, almost breaking the support. A breakout and a reverse trend will be inevitable if the support is surpassed. There is hope for the bulls, after all.

The Monero price analysis reveals that the Relative Strength Index (RSI) is 52, which means that cryptocurrency falls on neither the undervalued nor the overbought side. The RSI score falls into the upper neutral zone. The RSI appears to be following an increasing approach that reflects the value of the cryptocurrency slightly increasing. The increment in RSI scores is caused by the vigorous buying activity equaling the selling activity.

Monero Price analysis for 1-day: Colossal volatility

The Monero price analysis indicates that the market’s volatility is massive but doesn’t appear to be following a specific trend. The volatility seems to be dormant but massive, meaning that the Monero price will likely remain in its current state until it fluctuates. The upper limit of the Bollinger’s band is present at $249, which serves as the most substantial resistance for XMR. The lower limit of the Bollinger’s band is present at $176, which represents the strongest support for XMR.

The XMR/USD price appears to be crossing over the curve of the Moving Average, which indicates that the market is bullish. The bulls currently dominate the market but might soon lose this control to the bears as they are coming strong. The XMR/USD price path appears to be fluctuating significantly, and the market doesn’t seem to be decisive on a consistent trend.

The Monero price analysis reveals that the Relative Strength Index (RSI) is 52, which means that XMR shows no signs of being undervalued or overbought. The RSI score falls in the upper neutral region. The RSI appears to be following a linear approach that reflects the value moves towards increment and stability. The buying activity is firm, which equals the selling activity, which causes the RSI score to remain constant.

Monero Price Analysis Conclusion

The Monero price analysis concludes that the cryptocurrency follows a bullish trend with strong chances of a reversal. However, the cryptocurrency has shown the massive potential of a bearish market soon, which may degrade the cryptocurrency more. The deductions made through the observations of the charts point towards a reverse trend which will make Monero suffer more devaluation.

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