Price Analysis

Monero (XMR) Lacks Momentum; May Touch $55 this Weekend

  • Monero has managed to register a marginal hike in the last 24 hours
  • As per the current movement, XMR may cross its previous support $55 soon

Monero price has been hovering around $50 and $60 for quite a time now. Though there have been a few ups and downs, nothing has been unprecedented. This similar pattern is likely to continue in the next few days.

Monero Price Analysis

At the beginning of this month, XMR coin was trading just below $50, and then it marked strong recovery and continued to trade upwards with moderate volatility. Over the past two days, it crossed $59 but failed to breach the $60 mark. Then, it traded with bearishness and continued flattish movement. Over the last 24 hours, Monero coin has managed to trade above $58 with a marginal escalation.

Monero News
XMR/USD Chart By TradingView

Yesterday, XMR/USD started dealing at $57.88, and over the initial 12 hours, it was down by 2.76% and reached $56.29. It was followed by a 4.50% price recovery that added $2.53 in the value and pushed the Monero price to the apex point of the day at $58.82. However, from this high, the coin faced steep fall, and the price fell to $57.90. Further, between 19:01 & 01:13 UTC today, the XMR price managed to regain a $58 mark.

Currently, Monero holds support from its 20 days MA ($58.25) and 50 days MA ($58.29). Its RSI is at 55 points, which points lack of extremities. The continuation of the current price pattern may take the price to the next support around $55. Investors should be cautious of a few upcoming price swings.

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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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