Monero Trades Moderately Bearish Due to No Steady Price Recovery
Monero trades at $45.67 at the press time but remains quite near to the 90-day low price. XMR/USD price trend makes an inverted ‘V’ shape pattern. The current trading price of the coin lacks support from the moving averages. However, the immediate support is awaiting at around $46, which happens to be the 10-day MA.
Monero Price Analysis
Analyzing the daily XMR/USD price trend on Kraken, if we project a similar kind of trend in the upcoming year 2020, it is ought to take a rise in the initial months. If the same takes place as we anticipate, it is likely to gain support from the long-term moving averages. Currently, Monero even lacks support from the 20-day Bollinger Band Basis. The immediate opening of the Bollinger Band is normal, and we do not foresee any volatility. The 10-day and 50-day MAs are inside the range of the upper and lower Bollinger Band; however, 200-day MA remains out of the stated range.
The RSI of the coin also confirms the same as it is currently at 36.14 and holds no extremities but an inclination towards the oversold region.