Monero [XMR/USD] Technical Analysis: Cryptocurrency falls back into bear’s clutches after teasing close to resistance

The cryptocurrency market has been trying hard to get out of the clutches of the bear but to no avail. Almost all the major coins are on a slide, a club which includes the cryptocurrency heavyweights like Bitcoin [BTC]. Ethereum [ETH] and Monero [XMR]. Although Monero had enjoyed a spike recently,  it too has joined the bearish slide.

1-hour:

The trend lines clearly indicate a downward trend with continued sideways movement at the moment. The Monero [XMR] resistance has been holding at $111.87 which was almost breached when XMR spiked to reach $111.27. The support of the cryptocurrency, however, has been holding steady at 104.31.

The Relative Strength Index [RSI] is in the middle, which indicates an equilibrium between the buying pressure as well as the selling pressure. The sideways movement comes in the wake of the coin bouncing back from the throes of the oversold zone.

The Chaikin Money Flow Indicator [CMF] has just entered the bearish territory after the graph indicates Monero going below the axis. This may be attributed to the money flowing out of the market because of investor sentiments being affected by the sideways movement.

1-day:

The one-day Monero chart also indicates a downward trend as shown by the trend lines. The long-term support has been holding at $100.74.

The Bollinger bands show a clear sideways movement with the start of a convergence. The convergence of the bands points to a bearish drop in prices. All the prices have been within the Bollinger cloud with no imminent breakout in sight.

The MACD graph indicates an immediate crossover of the signal line as well as the MACD line. The signal line has also changed direction towards the bull’s territory which is a sign of a price hike. The MACD histogram has been predominantly bearish.

Conclusion:

The bear is most likely to rule supreme with indicators like the RSI, CMF and Bollinger bands all pointing to a Monero price drop. Only the MACD shows a bullish silver lining, which can be expected to be short-lived.

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