Today, most coins are trading in the green on CMC.
Monero (XMR) price analysis reveals that the privacy-oriented coin has developed a short-term bearish outlook, Cryptopolitan notes.
The coin has been trading on its lowest since back in May.
Cryptopolitan writes that “The bearish pattern has predicted support at thirty-seven dollars ($37.00) at that point a reversal may begin. The Relative Strength Index (RSI)is bearish however, it is correcting itself from the oversold region.”
Analysis of daily charts
XMR price data analysis on the daily charts reveals that XMR is maintaining a bullish outlook according to the same online publication.
But on the other hand, they note that the technical indicators are still bearish and they are showing a selling moment in the market.
They also note that although a bearish pattern is in motion at the moment, a larger inverted head and shoulders pattern is visible on the charts.
When the projection of the bearish pattern ends the bullish pattern will still be the dominant one, says the publication.
The RSI turned bearish recently and the market is now controlled by the sellers according to the online publication because they have most of the momentum.
It seems that XMR may be affected by the increasing selling pressure.
At the moment, XMR is trading in the green on CMC and the coin is priced at $83.45.
Monero in the news
Crypto enthusiast Max Keiser revealed the fact that he’s pretty certain that Monero will gain the position as a market leader.
He believes that this is bound to happen sooner rather than later.
Keiser supports Monero and pointed out the lack of fungibility in Bitcoin’s case.
“I don’t know how Bitcoin is gonna tackle this. If it can’t tackle it then out of all the privacy coins, Monero will be a champion in that space, and we’ll have a Bitcoin-Monero duopoly,” he said as cited by AMBCrypto.