Monero [XMR/USD] Technical Analysis: Privacy coin will be dragged down by bear

Monero [XMR], the tenth-biggest cryptocurrency by market cap, graced the investors by going green earlier today. The coin which saw a surge of over 5%, is smeared in blood again.

According to CoinMarketCap, at press time, Monero is trading at $56.12 with a market cap of $931.62 million. The coin has trading volume of the coin was $21.92 million and has seen a downfall of 28.77%. Moreover, the privacy coin has joined the group of cryptocurrencies which is bleeding, while the majority of them are marching forward.

One-hour:

In the one-hour chart, the cryptocurrency shows a downtrend from $75.86 to $69.96. It also pictures another downtrend from $69.96 to $60.48. The chart demonstrates a short uptrend from $54.34 to $57.66 for the privacy coin. It has an immediate resistance at $60.49 and a strong resistance at $70. The coin will be supported by $53.31 price level.

Parabolic SAR is trying to keep the coin green in the market as the dots aligned below the candlesticks are pushing the coin upwards.

Bollinger Bands are making room for more price action to take place as the bands are parting ways, forecasting a volatile market.

Chaikin Money Flow demonstrates the coin being suffocated by the bear’s grip while the money is flowing out of the market, abandoning the coin.

One-day

In the one-day chart, the cryptocurrency shows a downtrend from $212.87 to $114.07. It also pictures a strong downtrend from $84.20 to $59.25. The chart has not recorded any significant uptrend for the coin. It has an immediate resistance at $114.31 and a strong resistance at $147.64. Additionally, the coin has broken all its previous supports.

Klinger Oscillator demonstrates the coin bleeding because of the bear’s hit as the reading line has crossed the signal line only to be dragged down in the market.

MACD is also demonstrating the same pattern as the moving average line has crossed the signal line, deciding to take the path down the hill.

RSI pictures the bear’s strong presence over the coin as the selling pressure is overpowering the buying pressure.

Conclusion:

The coin has made a temporary visit to the bull’s palace, along with Parabolic SAR from the one-hour chart. The bear is dragging the coin back home with the support of CMF from the one-hour chart, and Klinger Oscillator, MACD and RSI from the one-day chart.