Price Analysis

Monero (XMR) Gets a Weakened Start for the Week

  • Monero has been down marginally over the last 24 hours, and the current value stands at $57.76
  • It holds the support from its 50-Day MA at $57.71

The overall sluggish market didn’t let the XMR coin a good start. It has been pulled down by 0.77% over the last 24 hours, and its price has fallen below $58. However, today the coin began with a moderate hike from $56.80 and regained its price level above $57.

After crossing $56 mark on April 16, Monero coin managed to trade above $56 with moderate price fluctuations. Yesterday, it marked a slight correction.

Monero Price Analysis

The XMR coin has been showing a gradual increment over the last seven days. It started the week at $52 and fell to $51 on April 16. From there, it has been on a bullish spree with moderate volatility.

Monero News
XMR/USD Chart By TradingView

Monero initiated yesterday at $58.21, and in the next 9 hours, the price touched $57.17 after a 1.80% fall. It was followed by another price correction that took the XMR price to the lowest point of the day at $56.50. From this low, the currency reflected recovery and added 2.53% value by 02:00 UTC to push the price to $57.93. At the time of writing, the price was hovering below $58.

The RSI has not shown any significant improvement and standing at 49.34 points. Monero price may continue to consolidate for the next few days. From its weekly price trend, XMR/USD may trade upwards and cross a $58.5 price mark in the next few hours.

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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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