- XMR coin tries to stabilize after a 5.34% recovery; the coin keeps hitting the resistance zone
- While volatility keeps targeting the coin, it has attempted to come out of the recent price loss of more than 6%
- Monero holds a support level at around 38.20%; $62 seems to be a key resistance
- The 5-day chart of XMR/USD shows how it is significantly down after the recent plunge despite the overnight (partial) recovery
Monero has been through quite gloomy days lately; however, in the second half of yesterday, it has soared with a positive outlook. XMR is currently one of those coins which keep the investor in a good vibe even when bears are all over the market.
Monero Price Analysis
The 5-day chart shows how the coin has been through a bumpy ride. Initially, the currency noted its weekly high price level at $69 and then sharply corrected from there to hit bottom at $61.
First, the coin weakly rebounded above $64 and then kept consolidating for a couple of days. The day before yesterday, a sharp fall took place ushering Monero’s price below $60.
The already started recovery, which appears strong for now, has taken the XMR price near $62. Notably, the MACD too is in the bullish zone along with bearishly drifting moving averages. Also, the coin is still below the EMA line.
The one day chart of Monero shows a clear price rise of 6.34% where the coin is trying to enter and move above the resistance zone. The coin has seen deeps below $59 yesterday morning, and $62 price level seems to be a resistance level. The recent consolidation momentum has halted the higher high pattern putting the price rally at risk. Here, the XMR coin holds a bearishly moving MACD indicator.