Monero [XMR/USD] Technical Analysis: Bear and bull engage in a tough fight

Monero [XMR], the tenth-largest cryptocurrency by market cap, has been struck by the bear’s strike just like all the other cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH], XRP and Bitcoin Cash [BCH].

According to CoinMarketCap, at press time, Monero [XMR] was trading at $103.22 with a market cap of over $1 billion. The coin has a trade volume of more than $15 million and has plunged by 7.23% in the past seven days.

1-hour:

The popular privacy coin has an immediate resistance at $106.82, which will have to be breached to reach the strong resistance that is resting at $112.39. It has a strong support at $103.04 level.

The Chaikin Money Flow chart is showing a bullish trend as the money was flooding into the market.

Parabolic SAR demonstrated a bearish wave as the dots are currently starting to align above the candlesticks

Bollinger Bands are expanding to make more space for price action, forecasting a volatile market.

1-day:

The cryptocurrency has an immediate resistance at $114. 15 and a strong resistance at $147.64. The privacy coin will first be supported at $100.67 and then at $84.19 if the initial support were to break.

RSI showed that the buying pressure and the selling pressure for the coin are currently being evened out by each other.

MACD has sworn its allegiance to the bear, as the moving average line is below the reading line.

Klinger Oscillator was also on the same page as MACD, forecasting a bearish trend as the reading line was below the signal line.

Conclusion

The cryptocurrency shows its support to both the bull and the bear. The bull has entered the ring with the support of CMF in the one-hour chart and the bear with the support of the RSI and MACD in the one-day chart.