Monero (XMR) Retraces Above $50 After a Fortnight of Bearish Play

  • Monero, at the time of writing, was seen retreating a 15-day high as it marked an intraday high at $51.56 after gaining a gradual momentum from March 23, 2020
  • The price trend of XMR coin has breached above 38.20% Fib Retracement level as the coin spiked above $45.86
  • However, the current trading price of XMR is seen pulling back as it dipped to $49.03 from a brief height
  • The 20-day Bollinger Bands are seen squeezing which means that the price is ready to explode anytime soon

Monero, in the early trading hours on Friday, ahead of the weekend, was seen hitting a 15-day high as retraced above $50 for the second time in the ongoing month. Moreover, the crypto market has marked an unmatchable bullish crossover amidst the pandemic when all the investment avenues are seen facing selloffs.

Monero Price Analysis

Monero (XMR) Price News
XMR/USD Chart By TradingView

Analyzing the hourly movement of Monero against the US Dollar, we see that the coin is on a winning spree as it has been exhibiting a bullish move since the start of the ongoing week. The price trend of XMR coin is seen hitting above 38.20% Fib Retracement level. Additionally, the coin has also retained support from 50-day and 200-day daily moving average. The 20-day Bollinger Bands laid are seen squeezing, and we believe that the price of XMR coin is likely to see a further rise as per the Monero forecast and hit the upper Bollinger Band.

The major resistance lies at $51, and the immediate and major support lies at $48 and $45.

Technical Indicators:

The MACD of Monero is holding a bearish divergence as the signal line crosses above due to an intraday pull back from a high of $51.56 to currently trading at $49.03.

While the RSI is seen holding around 46.17 withholding no trading extremities at present.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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