- Monero has recently formed a bearish candle; yet to give any sign of recovery
- Bollinger bands indicate a volatile phase; SMA lines still look bearish
- The XMR coin is looking for a bottom; calls for a support level
The crypto market has failed to strike a robust price recovery, and Monero is no exception. The 5-day chart appears bearish enough, and the coin needs a decent support level to start an uptrend.
Monero Price Analysis
On November 17, XMR had opened at $61.3594 and remained in the same price range till the next day, except for a few plunges at $60. The coin took a notable fall on the next day when it tumbled to near $58.13. Monero, instead of striking a rebound, remained below $60 till it saw another major price fall yesterday when it traded even below $55 and traced a close at $53.87. Before closing on the day, it climbed above $54. XMR coin has resumed the price fall today also. At 10:28:59 UTC, Monero is trading at $50.31.
Technical indicators are giving extremely negative signs at the moment as the short term SMA line is below the long term SMA line. MACD chart has just formed a bearish crossover while RSI is even below 30, noting an oversold phase. Notably, the coin is trading under +a strong selling pressure.
Monero is likely to see resistance at $57.25, $60.36, and $62.21 and support levels at $52.29, $50.44, and $47.33.