Monero [XMR/USD] Technical Analysis: Cryptocurrency sides with bull to tackle bear’s blitzkrieg

Monero, unlike other cryptocurrencies, had broken its previous resistance before the slip-up of October 29, and is currently experiencing a lot of volatility in the market.

1-hour

The one-hour chart shows a downtrend line ranging from $109.17 to $105.09, and an uptrend ranging from $100.99 to $104.49. Monero [XMR] is currently trading at $105.14, with support set at $100.99 and resistance at $105.69 and $107.63.

Bollinger Bands are equally spaced from the central moving average, indicating a steady volatility in the market. The price candles are above the moving average, indicating a bullish trend.

The MACD line is above the signal line, indicating a bullish trend; the MACD histogram shows the similar inference as well.

The RSI is closer to the top, indicating a bullish move again.

1-day


The downtrend has persisted since May, spanning over price range of $292.71 to $110.11, with a short-term resistance at $83.46, and successive resistances setup at $147.33 and $168.68.

Parabolic SAR is seen above the price candles with a significant gap between them, indicating a bearish presence in the market.

The spikes produced by the Awesome Oscillator are red, but starting to recede, indicating a bearish move in the market.

The Stochastic indicator line has crossed over the signal line, indicating a bullish crossover.

Conclusion

In the one-hour chart, Bollinger band with the MACD and RSI indicate a bullish trend, while the SAR and Awesome Oscillator indicate a bearish move in the long-term trend, while the Stochastic indicates a rather bullish move.


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