- XMR is facing resistance at $75; uptrend appears intact as yet
- Yesterday’s bullish trendline is likely to continue; pullback has been halted
- Technicals are giving mixed signals as of now
Monero Price Analysis:
XMR coin’s price is slowly matching up with the market bulls as the coin has started to trade upwards. In the earlier hours of today, Monero’s price was declining with a negative bias. The coin has found a support level above the 0% Fib level while it has faced a steep resistance above the 50% Fib level.
Right now, the currency is testing resistance levels above $75 to continue the price rally further. The coin has already formed a bullish trendline, which is likely to continue if XMR manages to clear resistance at $75, the price level below 61.80% Fib level. The coin is trading at $75.06 at 09:13:09 UTC.
For the better part of yesterday, XMR kept trading downwards due to the pullback effect. The coin found support level at $73.59 to rebound and later faced rejection at $75.27.
MACD of Monero is in the bearish zone with its MACD line on the downside. The short term SMA line is above the long term SMA line. The coin is yet to recover fully but is giving positive signs at the moment.