Price Analysis

Monero Hits a Fresh Monthly High at $59; Trades Extensively Bullish

Monero (XMR), at the time of writing, was soaring at $57.90 and has notably hit a fresh 30-day high around $59 price area, recording its positive intraday move. Although the market is seen gaining momentum, it is yet to decide whether the same is sustainable and real or sheer illusion.

Also, just today, we have noticed an impressive movement in the price of Bitcoin, and it has also hit a fresh 30-day high around $7,900. Interesting to note that the coin has gained momentum to rise after a period of despairing 45 days. All the major coins are seen hitting the resistances and trading above the same.

Monero Price Analysis

Monero News
XMR/USD Chart By TradingView

Analyzing the 4-hourly movement of XMR against US Dollar on Kraken, we see that the coin is showing an interesting uptrend through its intraday move. After having recorded the lowest in the given time frame, Monero’s price is currently trading with over 32% rise in the value when compared with $43.73. The current trade points are realizing an end of the bearish trend until it happens to be a volatile movement which can be a probability, as seen from the 20-day Bollinger Bands laid. The price is rightly hitting above the Bollinger Band Basis and is also seen having a breakthrough above the upper Band confirming the strong bullish crossover.

XMR News Price

Technicals

The technical indicators laid also confirm stable support at 38.20% Fib Retracement area which happens to be around $52 trading price.

The MACD of Monero is also moving above zero and holds a bullish crossover above the signal line.

The RSI of the coin is at 73.90 and holds an ‘overbought’ momentum of the security due to an overwhelming intraday move.

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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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