Monero News

Monero (XMR) Gets a Prey of Intraday Volatility; Trades at $55

Monero, at the time of writing, this analysis was trading at $55.29 after drawing a fine intraday uptrend yesterday. However, the current trading price fails to retain support from a 200-day daily MA. With consecutive higher highs, XMR coin has formed a weekly major resistance at $59. While the major weekly support lies around $51.

Monero Price Analysis

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

On the intraday chart, Monero has breached the gains as the fine uptrend seems to lost the momentum. Having said that, the bullish presence diminishes as XMR/USD seems to experience price accumulation around the current trading level. The coin lost the support of the daily moving averages after plummeting below $58 on the intraday chart just when Bitcoin dipped below $7k, losing the gain farfetched. Just as the coin is hit by the moderate market volatility, we can see further dips or price accumulations if XMR retains short-term support.

Having breached the subtle uptrend, Monero failed to give another higher high, and the week started on a sluggish note. The technicals of the coin draw a similar kind of picture as the MACD of XMR appears slightly bullish due to current price accumulation, and a dip below $53 is likely to draw a bearish entrance. On the upside, we have $59 as the major resistance to watch out for.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button