Monero [XMR/USD] Technical analysis: private money is stifled by the bear's grip

The cryptocurrency market has seen the bear while the majority of them have plunged into the lowest point of the year. In addition to crushing the entire market, the bear has also stepped on investor sentiments, with the result that some of them are already present in space.

The top 10 coins that see a double-digit drop in the last 24 hours include Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH], EOS, Litecoin [LTC], Cardano [ADA] and Monero [XMR].

According to CoinMarketCap, at the time of printing, Monero [XMR], a popular currency for privacy, is trading at $ 89.26 with a market capitalization of over $ 1 billion. The cryptocurrency has a trading volume of over $ 36 million and has plummeted by 14.34% in the last 24 hours.

1 hour

Monero [XMR] price chart of a & # 39; hour | Source: trading view

The graph of an hour showed a downtrend from $ 114.33 to 106.77. This is followed by another downtrend from $ 103.71 to $ 90.69. The privacy coin has immediate support for $ 95.13. It will then have to meet the strong resistance, which is patiently waiting for $ 107.86. There is strong currency support at $ 89.21.

Parabolic SAR shows that the bear is going to further wrest the cryptocurrency in the market while the points are lined up over the candlesticks.

Bollinger bands prediction that the market will be volatile while the bands expand, making room for price movements.

The Chaikin cash flow indicates that money began to flow into the bearish atmosphere as it jumped over the zero line.

1 day

Monero [XMR] one day chart | Source: trading view

The one-day chart shows a downtrend from $ 292.71 to $ 114.07. This trend line continues to reach $ 106.81 price level. The cryptocurrency shows an uptrend from $ 84.20 to $ 101.77, which is further increased to $ 107.68. The privacy coin has immediate resistance of $ 114.17 and strong resistance at $ 147.56. XMR has a strong support level of $ 84.11.

Klinger Oscillator it provides a downward time because the reading line is below the signal line and shows a huge gap from one to the other.

MACD it also agrees with the KO forecasts as the moving average also indicates that the bear could hail on the market for a longer duration. This is because the moving average line is below the signal line, showing a similar pattern to the Klinger oscillator.

RSI shows that a trend reversal could take place, giving the bull a further chance in the game as the graph indicates that the currency is currently held by the bear.

Conclusion

The cryptocurrency will be stifled by the bear's grasp. The winter animal is supported by Parabolic SAR and CMF from an hour's chart and Klinger Oscillator and MACD from the one-day chart.