Price Analysis

Monero Faces Rejection Above $62; Correcting Down Since Yesterday

  • Monero price trend has formed an impulse pattern over the last couple of days
  • XMR coin has covered a price range of $60 to $62 over the last two days
  • The coin has recently traced a falling wedge with lower-high pattern
  • MACD and RSI may enter the bullish zone; SMA lines still give a negative sign

Monero is range-bound between $60 to $62 for the last two days, and considering its 5-day chart, the coin is trading with quite a bearish impact at present. The overall crypto market also lacks momentum now as its total market cap manifests a notable drop from $238,517,205,033 to $234,805,228,188.

Monero Price Prediction

XMR price has witnessed a few ups and downs within the last couple of days, and still, the coin has not stepped above $62 as yet. Currently, the coin is battling with resistance above $61. On November 16, XMR coin had opened at $61.47 and surged to $62.63 after a minor plunge. The price pulled back to $61.31 before closing on the day. Monero price again escalated to $62.72 and steadily came back to $61.09. since then the coin has traded around $61. Also, XMR has traced a falling wedge with a lower high pattern, and it awaits a bullish breakout. Monero price is trading at $61.18 at 09:30:45 UTC.

Monero Price
XMR Chart By TradingView

The short term SMA line is much below the long term SMA line indicating bearish momentum. The MACD chart is heading towards the bullish zone as the lines are about to have a crossover. RSI is at 42, noting a stable phase.

Monero is likely to see support levels at $61.5, $60.86, and $60.02 if it continues the decline, while a surge can usher the XMR coin to resistance levels at $62.98, $63.82 and $64.46.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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