Price Analysis

Monero (XMR) Likely to End the Week on Bearish Note; Tested Support Below $60

  • XMR price is recovering its loss in valuation since yesterday; yet to cross $63 price mark
  • Monero is facing resistance above $61 right now; a steady uptrend above $63 is a must for a full recovery
  • Technical indicators are giving mixed signals

Monero price was firmly above $63 till the day before yesterday, and the coin is now busy recovering its decline of more than 5%. The price plunge is no surprise to the crypto community as the market has entered a slump phase, which apparently won’t last long.

Monero Price Prediction

XMR has kickstarted this week on a bullish note as it started trading at $63.20 and reached above $64 on November 06, i.e., Wednesday. The next day, the second price surge took place and hit major resistance near $65. After downward corrections, the coin returned to the price range around $63. After remaining there for a while, XMR coin price sharply tumbled and ended up with a decline of 5.59%. The coin seems to have found a support level at $59.86 yesterday and is rebounding from there. At 10:30:41 UTC today, Monero’s price is trading at $62.17.

Monero Price
XMR Chart By TradingView

The SMA lines traced a bearish crossover yesterday as its long-term SMA line is much above the short term SMA line. However, The MACD chart is positive at the moment as its MACD line is above the signal line. RSI is also mirroring MACD’s momentum as it is in the stable zone.

Monero may face resistance at $63.04, $65.18 and $66.63 while, its Support levels stand at $59.45, $58, and $55.86.

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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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