Monero Price Analysis: XMR at $309 as bearish trend takes over

TL;DR Breakdown Monero price analysis shows Bear providing strong resistance at the $317.89 mark.Strong drop in price from $317 to $309.96Chances still exist for a bullish move in XMR/USD pair. Monero price analysis shows a Bearish trend setting up after a continuous bullish momentum for the past few days when the price went to a new high for the month of August. Bulls were in the lead from 19th August 2021 onwards, taking the price to a new high for this month, i.e., $318.89. But from yesterday, bears are fighting back and have shown a remarkable resistance in the last few hours, pulling the price back to $309.31 at the time of writing. Currently, the daily support is present at $252.24. The bullish effort has been considerable, and Bollinger bands also indicate an increase in volatility. The price may rise back despite all this, as buyers seem to be still confident enough to invest in the asset. XMR/USD 1-Day price chart: Bears pulling the price below $309 In the 1-day chart, the Monero price analysis shows price going down for the cryptocurrency due to continuous bearish pressure from the last few hours. Still, as is seen in charts, volatility is also increasing by a significant margin, indicating uncertainty and may favor bears further. Though bulls provided some competition, bears are wining the lead as of now. XMR/USD 1-day price chart. Source: Tradingview The Bollinger bands indicate a volatile situation as the higher ...