Price Analysis

Monero Price Shoots Up; Seeks Stability Above $52

  • Monero has recently struck a major price jump; support level at $49.99
  • XMR coin has cleared resistance above $51; a stable move above $55 is must to sustain the bull-run
  • Technical indicators appear bullish; RSI moves above 75
  • The coin is still carrying a selling pressure

Monero (XMR) has just formed a few correcting candles after hitting the price point above $52. The price has skyrocketed as BTC has reclaimed the $7000 price mark after tumbling below the key support level of $7k.

Monero Price Prediction

Today, morning price actions of XMR have been stable as it remained in the price range of $50. This is quite an improvement as the day before yesterday, Monero had formed a low swing near $46. Today, the coin was above $51 till 3:12 UTC, and then it traced a dip at $50.57. the price had quickly recovered above $51 before it dropped just below $50. The coin saw a support level at $49.99, and it shot up above $52 with an increase of 5.35%. here, the coin has dealt with the resistance levels at $51. At 12:11:54 UTC, XMR coin is trading at $52.60 with a bullish impact.

Monero
XMR Chart By TradingVieew

All the technical indicators are hinting at an upcoming bull-run as they appear positive. The short-term SMA line is above the long-term SMA line, while Bollinger bands gear up for volatility. RSI is above 75, noting an overbought sentiment, while MACD is already in the bullish zone with the MACD line on the upside.

Monero is likely to see resistance levels at $52.74, $53.77, and $55.25, while support levels appear at $50.23, $48.75, and $47.72.

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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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