The Monero price amid the 2021 bull run went along to hit the highest levels close to $520 in May and quickly shed more than 75%. Despite the recovery, the asset maintained a consolidated trend until the end of the 2021 trade. However, since the beginning of the current year trade, the price lost another 40% of its value to mark the yearly lows below $140. Luckily, the asset quickly rebounded to some extent yet got rejected below $185 in no time.
At present after yet another pullback, the Monero price is yet again attempting to eliminate the downtrend. Will the asset be successful in easing the selling accumulation and uplifting the price above the danger zone? Let’s see!
Additional Read: What is Monero?
The XMR price began the yearly trade on a significant bearish note that initiated on the very first day of 2022. The price slides from $254 to as low as $140 in a very short time. No doubt the asset witnessed a decent recovery beyond $160, yet finding it extremely difficult to move ahead towards upper levels. As the buyers appear to have been exhausted a little and hence a short-term consolidation followed by a pullback appears imminent.
|Short-Term||The price after hitting the lower lows has ignited a minor rebound and hence a small flip towards immediate resistance may be possible|
|Mid-Term||After drowning more than 10% the asset is attempting to stabilize the bearish trend and hence may consolidate below $170 for some more time|
|Long-Term||A huge bearish signal has just flashed and hence the XMR price may be primed for a notable pullback soon|
|Technical Indicator||Value (1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Indicator(RSI)||39.5 / 45.5||Sell / Neutral|
|MACD (12, 26)||-2.7 / -3.3||Sell / Sell|
|Bull-Bear Power||0.806 / -12.06||Buy / Sell|
|Average True Range(ATR)||1.77 / 10.04||Less Volatility / Less Volatility|
Additional Read: Monero Price Prediction
The long-term forecast is extremely bearish for Monero but in the short-term, some possibilities of an uptrend surface. The rising MACD & RSI display the asset’s tenacity to prevent plunging to lower levels in the short term. However, in the long term, the asset displays a complete contrast picture as both displays a bearish trend.
The bulls appear to gain little strength in STF in the next couple of hours, while it’s the bears who will have the whole control in the HTF. On the other hand, ADX, which tells the strength of rally and volatility indicator ATR, both are plunging hard in STF, signifying a consolidation phase. A similar trend is witnessed in the HTF also which is signaling a short-term bounce followed by a massive drain.
The XMR price surged nearly 35% immediately with the beginning of the current month trade and attained $188 levels in no time. No doubt it plunged a little but somehow managed to regain the positions above $180. Woefully, with the recent plunge the asset slipped close to $162 levels and is consolidating along with the same levels.
The Monero price maintained a steep bearish trend from the past couple of days which drained more than 11% of its value. No doubt the buyers attempted to reverse the trend yet the sellers were ready to drag the price down yet again. And hence a tough wrestle in between the buyers and sellers, the price was compelled to remain almost constant within a narrow range. With slight ease with the XMR price, a notable uptrend may get ignited which may uplift the price above $170 initially and carry towards $180 later.
The Monero(XMR) price at the press time is $164.28 with a drop of 7.35% compared to the previous day’s close. However, the trading volume surged by more than 10% signifying the growth of a decent buying volume. On the other hand, the market capitalization remains drained by nearly 8%, just slipping below $3 billion.
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