Monero has been showing consistent and notable lower highs; first in the previous and second in the ongoing year after the bears set in. MACD has been giving a bearish outlook as the coin has been on a continual downtrend. Forgoes all the imminent supports and 49-day MA moves above the 9-day MA confirming the long-term bearishness.
Monero Price Analysis:
The lower highs have been consistent for two years straight and alongside the XMR coin has been drawing a dipping trend through its 1-month movement on Poloniex. The histogram shows a negative formation, which is right confirmed by the MACD movement of the coin.
However, the intraday movement has shown some growth, although not as noticeable as the fall. Monero, along with other altcoins, has shown slight intraday progress, concerning the movement of Bitcoin above $7,500.
Analyzing a closer view of the XMR/USD movement over the past 6 months, we see that the coin has drawn a downtrend throughout. Currently, Monero price trades way below 23.60% Fib Retracement area, and exiting the long position can be the wisest decision made. Having a short-selling trade can be a possible rebound for long-term investors.
