Price Analysis

Monero (XMR) Holds High Hopes; Reflects a Noticeable Recovery

  • 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.

Monero News
XMR/USD Chart By TradingView

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.

XMR News

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.

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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