Monero Price Analysis: XMR retraces to $250, what next for the bears?

TL;DR Breakdown On the 24-hour time frame, the daily Monero price analysis is indicating bearish sentiments.The daily range is from $250 to $261 on a daily basis.On the 1-hour chart, our MACD histogram is displaying short red bars. The daily Monero price analysis is indicating bearish sentiments on the 24-hour chart following the bulls’ failure to keep prices above the $260 support. As a result, the price fell from around $261 to around $250. We expect the decline to continue throughout the day, with a first bear target of $278 set for when buyers may consolidate enough strength to withstand any future upside rejections. Cryptocurrencies in the overall market are trading bearishly whereby BTC lost 4.15 percent. Ethereum on the other hand declined by more than 6 percent on the 24-hour clock, Cardano lost 7.49 percent to become the worst performer. Monero price analysis in the last 24 hours: XMR/USD struggles to beat $316 resistance The daily Monero price analysis indicates that the XMR/USD pair performed within a tight daily range cutting across an intraday low of $250 to an intraday high of $261. The range suggests dropping volatility. The coin also witnessed a 37% increase in daily trading volume to a total of $221 million.  Meanwhile, the last 24 hours have witnessed a 5.5 percent decrease in Monero’s total market capitalization to a sum of $4.589 billion.  XMR/USD 4-hour chart: Will XMR rally? The daily Mon...