Monero News

Monero Appears Flat and Faces Stringent Resistance at $70

Monero happens to be one of the altcoins that did not exhibit steep surges in this altcoin season. Which otherwise was seen by VeChain, Cardano, DigiByte, and others wherein these coins have hit the major resistances and breached new heights. Monero is seen facing a tough resistance at $70 right after the massive sell-off in March.

Although, irrespective of the price front, Monero is believed to have the 3rd largest developer base of all the crypto projects after BTC & Ethereum and is believed to be an investment of the long-term. While XMR coin trades at $69 slightly below the stringent resistance price, we see a positive sentiment in the market due to intraday bullishness.

Monero Price Analysis

On the 24-hourly chart, the Monero price trend appears flat against the US Dollar for more than two months now due to a lack of steady momentum. XMR investors are likely to experience a breakout soon as per the current trend and momentum. In this regard, Monero seems to have similar approximate traction to that of Bitcoin, which is also waiting for a possible breakout soon, and this confirms that the former doesn’t belong to the other altcoins group.

However, XMR/USD in the intraday appears bullish and is already hitting the upper 20-day Bollinger Band as they squeeze on the 24-hourly chart. Similarly, the RSI of the coin is seen inclined towards the overbought zone due to intraday positive sentiments at 63.20 with complete support from 50-day and 200-day daily MA.

Jason Palmer

Jason Palmer joined CoinNewsSpan as an editor and analyst. He has over five years of experience as a forex analyst. He holds a master's degree in business administration with specialization in finance. He is actively involved in analyzing the prevalent crypto trends. He has a keen interest in commodities and forex trading.

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