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. As per the Monero future, 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.

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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