Price Analysis

Monero (XMR) Taps on a Bullish Trend; Rallies Above $55

  • Monero price is set to cross $55 price mark; may face resistance above $56
  • The coin has formed a support level at $55.14 yesterday
  • Technical indicators look positive while the coin carries selling pressure

XMR coin’s consolidation took a bullish turn yesterday as the coin has started an uptrend. This is, to quite an extent, thanks to Bitcoin’s recent and mild rebound. The leading cryptocurrency has found support near $7239.

Monero Price Prediction

Yesterday, the XMR coin started trading with its opening price at $53.46. After maintaining the price range for 3 hours, the coin dipped below $53. The coin bottomed at $52.52, where it found a decent support level to strike a rebound. Since then, the Monero has sustained the price recovery steadily, and it traded above the Fib retracement levels of 78.60%, 61.80%, and 50.00% on the same day.

Today, the coin has resumed the surge, and currently, the XMR coin is dealing with the price barriers above $55. At 08:58:14 UTC, Monero price is trading at $55.14.

XMR/USD Price Chart

Monero News
XMR Price Chart By TradingView

The SMA lines are moving with positive bias as the short-term SMA line is above the long-term SMA line. Bollinger bands are yet to give any volatility signal, while RSI also appears stable. The MACD chart looks quite bullish as the MACD line is above the signal line. Meanwhile, the coin carries a selling pressure.

Monero coin may see resistance levels at $54.79, $55.54, and $56.68 and support levels at $52.9, $51.76, and $51.01.

Tags

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.
Back to top button
Close