Price Analysis

Monero Experiences Intraday Boom; Trades Above $100

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Monero (XMR), at the time of penning down this analysis, had breached yearly high above $100 and $105 at $106. After drawing a declining trend in the 2nd half of the previous year, XMR coin strengthened at the onset of the year as it gained over 100% in 6 weeks from trading below $50 at $44 to spurring above $95 at $97 in February 2020. Monero, one of the top 20 cryptos of the global market, is trading on 16th position in the market with a notable market cap of over $1.8 billion.

XMR coin, however, is holding a parabola bullish curve with a complete bullish crossover since the previous month, and over the past 24 hours, the coin has gained massively over 16% in less than 24 hours. It was just yesterday when it had hit the lowest at $91, and just at the onset of today’s trading session, Monero price spiked as high as $106 in the wee hours of the trading duration today.

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Monero Price Analysis

Monero (XMR) Price News
XMR/USD Chart By TradingView

Monero, at the time of writing, was trading slightly below the recent high marked at $106 at $102.6 and held strong support from SMA lines around $72 & $65. With intraday bullish sentiment in the global crypto market, the XMR/USD price trend is already hitting the upper 20-day Bollinger Band on a 2-day chart.

Over the past eight months since the beginning of the ongoing year, XMR has been trading with noticeable volatility but has spiked and rose above the previous YTD high. With the recent intraday high, the technicals are very bullish, and the MACD line is seen crossing above the signal line on the 2-day chart. In this regard, the RSI of the Monero is exhibiting an increased demand as it lies at 75.44 due to the intraday boom.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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