The cryptocurrency market’s bear run does not look to have ended, with many cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Monero [XMR] all seeing red across the charts. Monero [XMR] was also in the news recently when Nouriel Roubini stated that the cryptocurrency will be “cracked down by the Feds” soon.
The Monero one-hour chart shows an acute downtrend as well as a small uptrend. The downtrend brought the prices down from $114.430 to $107.582. The recent uptrend also saw the prices rise from $103.067 to $105.723. The cryptocurrency’s support was holding at $102.969 while the resistance has been maintained at $114.430.
The Awesome Oscillator shows the market momentum reducing from its previous rates, which may be linked to the change in investor sentiments.
The MACD indicator points to multiple crossovers, with the signal line and the MACD line almost moving in tandem towards the bear zone. The MACD histogram has also been predominantly bearish.
The one-day graph for Monero shows an uptrend as well as a downtrend, a reflection of the one-day graph. The uptrend saw the XMR price increasing from $83.980 to $100.968. The downtrend brought the price from $138.12 to $114.239.
The Parabolic SAR has shown a predominantly bearish run, with the markers staying above the price candles.
The Relative Strength Index [RSI] has been tending towards the oversold zone, a sign of the selling pressure being more than the buying pressure. The graph had fallen from its hold in the middle of the graph, which is attained when there is an equilibrium between the buying and selling pressure.
The bear’s hold has been made evident as shown by the indicators. The MACD, RSI and the Parabolic SAR all point to the bear reigning supreme with slight bullish rises in between.
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