Monero Price Pulls Back from YTD High but Still Appears Bullish

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Monero, with a current trading price around $126, was seen gradually pulling back from the fresh YTD high hit in the past two weeks at $135. XMR coin has been strengthening for over seven months now, and in this regard, the coin is one of the lucrative cryptos amongst the top 15 of the global market as it continues to trade above $120 & $125.

XMR/USD has been majorly strengthening after hitting the YTD high and was also seen as breaching the upper BB around the $135 price area. Moreover, Moreno was seen gaining steep momentum in the price since the previous month with a straight uptrend, which otherwise was seen drawing a volatile movement.

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Monero Price Analysis

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XMR/USD Chart By TradingView

XMR was seen trading at $126 with a slight pullback from the YTD high marked at $135 after a quick rise in price since the previous month. It was in the 2nd week of the ongoing month when Monero price had hit a high at $135 and beached the upper band. Alongside, the Bollinger Bands are seen moderately widening, which shows moderate volatility in the near-term. However, with a gaining streak snapped on the daily chart, XMR holds support from MA50 & MA200 at $103 & $79, respectively.

Monero News Price

Over the 7 weeks, Monero has been drawing a clear uptrend on the 5-hourly chart against the greenback. Moreover, the price trend is seen inclined towards the upper band, and in this regard, the intraday appears bullish exhibited by a slight crossover of the MACD line above the signal line. Alongside, the XMR price is continuing to retain MA50 & MA200 support on the 5-hourly chart too at $124 & $107, respectively. The sentiment remains finely bullish irrespective of the slight pullback from YTD high at $135.

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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