Monero [XMR/USD] Technical Analysis: Bear is here to stay for a longer duration

The whole cryptocurrency market has been in a bloodbath since the beginning of this year. The bear seems to have no mercy as it continues its rampage in the market, slashing double-digits of the majority of the cryptocurrencies.

The top-10 cryptocurrencies that were affected in the market include Ethereum [ETH], Litecoin [LTC], Stellar Lumens [XLM], and Monero [XMR], as all these coins plunged by more than 20% in the past seven days.

According to CoinMarketCap, at press time, Monero [XMR] was trading at $84.09, with a market cap of $1.39 billion. The cryptocurrency has a trading volume of $16.71 million and has plunged by 6.33% in the past 24 hours.

1-hour

Bollinger Bands have started to expand in the market, demonstrating that the market is going to be volatile for the cryptocurrency.

Parabolic SAR is showing that it prefers the bear’s rule in the market and wants the bear to be the king for a longer duration. This is because the dots are currently aligned above the candlesticks.

The Awesome Oscillator is demonstrating its allegiance to the bear as well, as the histogram has formed red lines.

1-day

RSI is also approving the rule of the bear as the coin is currently being oversold in the market.

MACD is also nodding to RSI’s decision as the moving average line is below the signal line.

Klinger Oscillator has also pledged its undying support to the bear as the reading line is below the signal line.

Conclusion

The cryptocurrency is going to be in the bear’s realm for a much longer duration. This is mainly because all the indicators have decided to side the bear, leaving the bull alone in the market.