XMR coin has been under bearish pressure since the month of September, and currently, the coin is struggling to strike a substantial price recovery considering the current sluggish nature of the market. Previously in August, the coin was trading with its full-on potential, which has attracted the crypto investors towards the Monero.
Monero Price Analysis
Today, after a week-long price slump, the coin has started taking high strides, noting a positive sign. However, the coin is still pretty much down as compared to August this year. XMR price was above $82 around 3-months ago, and except for one plunge near $66.95, the coin kept its price range above $72 intact till September 23.
The next day, the coin sharply dropped and tested support levels near $66, the Fib retracement level of 78.60%. Furthering the decline, Monero price went as a dip at $52.46, near the lowest level of the Fib retracement. seeing a support level there, it started a mild price rebound, which managed to take the coin up to $57.21. Since then, the coin has been volatile but has not been able to trade above $64.57. In this month, XMR has traded above the Fib retracement levels of 78.60% and 61.80%.
Currently, the XMR price is correcting down from there and is trading at $57.84 at 10:29:33 UTC.
The technical indicators are mildly positive at the moment, as the MACD chart is all set to have a bullish crossover. While both the SMA lines are bullish as the short term SMA line is on the upside, the coin carrying a selling pressure.
Monero is likely to resume today’s price rebound if it manages to clear resistance levels at $60.13, $61.3, and $62.22. The coin may see support levels at $58.04, $57.12 and $55.95.