- XMR coin saw a rebound above $44; however, corrections took it below $40
- The price range around $38 appears as a support area; the coin is just above $39 right now
- The mild bullish trendline has been breached yesterday; technical indicators are still giving mixed signals
- Over the last five days, Monero has covered a price range from $34 to $44
Monero Price Analysis
The last few weeks have been noticeably tough for the whole crypto market and this has affected every altcoin as BTC price rapidly fell below $4000 amid Coronavirus impacts. With that, Monero coin has been trying to leave the bears behind since it bottomed way below $30 on March 13.
If we look at the 1-day price chart of XMR coin, it clearly depicts a downtrend that has taken a bullish turn today. The coin opened yesterday at $41.09 and from there, the coin escalated initially to hit the $42.45 price mark.
The currency couldn’t trade further on the upside and it started correcting downwards. It kept declining for the whole day while forming lower highs till it closed at $37.68. Here, it seems to have found a support level as it has started a weak recovery from here.
According to Monero Price Forecast, we conclude that its bullish price actions have ushered the Monero price above the 38.20% fib level as it is trading at $39.09 at 07:12:05 UTC. Considering its technicals, RSI is in an extremely positive zone at 70, noting an overbought phase.
The XMR coin has just traded above the 200-EMA line showing a bullish price move. Right now, the coin is far from achieving full recovery as bears are still persisting.