Monero price analysis: Bearish momentum brings XMR down to an alarming $253.44

TL;DR Breakdown Bearish momentum has taken the lead according to today’s Monero price analysis.Resistance levels have suddenly dropped down to $260 for Monero.Support level rises to the new high at 252.88. The previous week observed bearish momentum taking over the stock market for XMR/USD. Red candlesticks appeared on the chart, with certain traces of the bullish upheaval as well. Today, the price levels dropped down to $253.44, and the momentum has been too overwhelming for the buyers. The bulls have continued to reach new benchmarks, yet today’s trends have been in the favor of bears trying to go below $253. Monero price analysis: XMR gives way to the bulls after bearish encounters The one-day Monero price analysis is dictating a slight rise in Monero’s demand after the market faces a bullish uprise at $259.44. The small green candlestick is indicating a minor rise in the value as the trend lines suddenly move upwards. The volatility as observed is at stake, which is not a promising signal for the buyers in the future. The moving average (MA) is $268.55 whereas the average Bollinger’s value is $256.22, in the one-day XMR/USD chart. XMR/USD 1-day price chart. Source: TradingView The Bollinger bands are narrowing down, hence the volatility may shrink as well. The upper band has lowered to $286.41 whereas the lower band has reached the value of $226.03. The Relative Strength Index (RSI) graph is showin...