Price Analysis

Monero (XMR) Consolidates After Today’s Mild Uptrend

  • XMR coin has started a consolidation after the initial surge
  • Monero has witnessed rejection above $52; currently trying to stay above $50
  • Technical indicators give mixed signals while Bollinger bands show a volatile phase for XMR
  • The coin seems to have a support level at $49.64

Monero saw a major price surge yesterday as it noted an increase of more than 16% within around 10 hours. Today, the coin has attempted to resume the rebound and has reclaimed the price position above $50.

Monero Price Prediction

Today, the XMR coin opened at $50 after yesterday’s minor downward correction. After a small plunge near $49.64, the coin has steadily manifested an uptrend till it hit the price point at $52.09. After this escalation of 4.94%, the coin has started to consolidate there while remaining above $50. At 11:31:37 UTC, Monero is trading at $51.04. In this remarkable and positive price shift, yesterday’s price jump from $45.42 to $52.15 has played a vital role. The coin closed yesterday at $50.20 after correcting down.

Monero
XMR Price Chart By TradingView

Bollinger bands are widening, which indicates an upcoming volatile phase in Monero’s price trend. The SMA lines paint a positive picture as the short term SMA line is above the long term SMA line. However, the MACD line is below the signal line, noting a negative sign. RSI is at 40 showing no extremities.

XMR coin is likely to see resistance at $52.9, $55.61 and $59.04, if it resumes the uptrend, while, it can see support levels at $46.76, $43.33 and $40.62 if the coin faces a plunge.

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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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