- Monero, at the time of penning down this article, was trading at $68.50 on Kraken
- The coin has been notably consolidating downwards after marking a 52-week high around $120 in June 2019
- The current trading price of XMR against USD is approaching 61.80% Fib Retracement Area as it shows as we project a bullish divergence
- The price trend of the coin appears volatile due to its inherent nature and is likely to go through it moderately in the upcoming days
- The consistent lower high trend gets breached as the coin takes a steep rise
Monero breaks through the lower high trend, helping investors believe in the actual potential of the coin. The current trading price of the currency is immediately supported by 200-day MA, which is moving adjacent to the 10-day daily MA. The current pace of the trend appears towards a bullish divergence.
Monero Price Analysis
Analyzing the above daily chart of XMR/ USD over the past ten months, we see that the coin has been experiencing a fall straight after marking a fresh 52-week high. This consistent downtrend has now been broken as the Monero experienced a steep rise as it is all set to hit above 61.80% Fib Retracement Area. The 20-day Bollinger Bands assigned have a moderate opening and therefore, we do not foresee any near-term volatility.
The other technical indicators laid to show the price of Monero that is hinting towards an intraday recovery as the MACD of XMR is appearing to cut the signal line from below.
The RSI of the coin is at 66.52 and is appearing to hit the overbought region as the price leaps.