Monero [XMR/USD] Technical Analysis: Darknet coin slips into the dark side of the bear’s club

Monero [XMR], the tenth biggest cryptocurrency by market cap, has abandoned the bull to join the bear. The cryptocurrency has joined the club along with all the top cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH], and Litecoin [LTC].

According to CoinMarketCap, at press time, Monero is trading at $68.30 with a market cap of $1.13 billion. The cryptocurrency has a trading volume of $16.98 million and has plunged by 21.48% in the past seven days.

1 hour:

Monero one-hour price chart | Source: Trading View

Monero one-hour price chart | Source: Trading View

In the one-hour chart, the cryptocurrency has a downtrend from $90.15 to $70.70. The coin also pictures an uptrend from $66.28 to $70.21. The privacy coin has an immediate resistance set at $71.85 and a strong resistance at $76.81. It has a strong support at $66.24.

Parabolic SAR desires to join the bull’s club as the dots have aligned below the candlesticks.

Chaikin Money Flow is living extravagantly in the bear’s club, as it pictures that the money is flowing out of the market.

The Bollinger Bands are currently contracting, indicating that the market is going to be less volatile for the coin.

1 day:

Monero one-day price chart | Source: Trading View

Monero one-day price chart | Source: Trading View

In the one-day chart, the privacy coin shows a downtrend from $203.52 to $114.07. The coin continues to take the downward slope only to rest at $106.81. The coin also depicts an uptrend from $84.20 to $101.77, which continues till $105.45. The tenth-biggest cryptocurrency shows an immediate resistance at $119.26 and strong resistance $147.68. The coin has a strong support at $67.88.

Klinger Oscillator is in its happy place in the bear’s club, as the reading line is below the signal line.

The indicator was joined by MACD in the club, as the moving average line was below the signal line.

RSI showed the cryptocurrency is oversold in the market, picturing the crowd preferring the bear’s club.

Conclusion:

The cryptocurrency is resting in the dark side of the bear’s club with barely any light reaching out. The bear’s has let Klinger Oscillator, MACD, and RSI from the one-day chart to join to the club. It has allowed Chaikin Money Flow from the one-hour chart to join as well.

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