- XMR saw a major price plunge yesterday, recovering now
- Monero price has traded above $35 today after it dipped below $32 yesterday
- The coin has rebounded by more than 23% overnight; however, market conditions deny any possibility of a bull-run
- Bollinger bands are also not showing any sign of volatility; technical indicators give mixed signal
Monero Price Analysis
XMR coin has recently adapted to mild uptrend after a tough and bumpy ride that took place largely due to Coronavirus. After the major price loss on March 13, it was yesterday when the market saw one more downtrend.
With that, Monero coin also traded in a bearish manner, and with a steep fall, it even went below $30. Yesterday, it opened at $37.40 and quickly started to shed its price. The coin broke a few support levels at $35 and $32 before it bottomed at $29.82.
Thankfully, the XMR coin has immediately started to recover its recent loss of valuation. Till the coin closed the day, it managed to reach above $34. Today, Monero has resumed its uptrend and is above $35 firmly. It has also formed a close above $37 today.
Notably, the short-term SMA line is above the long-term SMA line noting a positive sign. Bollinger Bands are proceeding towards a not so volatile zone at the moment. Moreover, the bullish trendline has been breached as Monero’s price is consolidating at around $35. MACD, at the same time, is heading towards a bearish zone with a negative bias.