Monero price analysis: XMR collapses to $251 as panic disrupts bull rally

TL;DR Breakdown The Monero price analysis shows price hits an excruciating low below $251.Major decline in price can be expected in future.New support to be established as $277 is crossed. The Monero price analysis is indicating that a strong bearish activity has been taking place for the past few hours. The bearish wave has been overwhelming for the market, as the price has gone below the $251 level today. The chances for recovery are low, as the bearish momentum seems to be intensifying each hour. More and more buyers are backing off and contributing to the downfall of XMR/USD price value. XMR/USD 1-day price chart: Cryptocurrency faces a huge blow as the bears takeover the market The 1-day XMR/USD is going bearish as the price has dropped down suddenly to the $246 level. This has cast negative effects on the overall XMR/USD value, as the moving average is also standing far above the current price i.e. at 295.31. Moreover, the volatility is also increasing which is a negative sign related to the upcoming trends. The past week has been considerably favorable towards the bulls, yet today the bears have secured their place on the price charts. XMR/USD 1-day price chart. Source: TradingView As the volatility is towards the increasing side, the upper Bollinger band has reached the $333 level while the lower Bollinger band has moved down to $246. Monero price analysis states that the Relative Strength Index graph is also showing ...