While the crypto market is trying to come out of the bearish impact after Bitcoin’s dip below $7000, Monero (XMR) is struggling for a rebound. Yesterday, the price closed above $51, and today the coin is trading around $50.
Monero Price Analysis
Today, XMR coin opened with its trading price at $50.75, and after a few prices drop at $50.11, 50.20, and $50.32, the coin finally escalated above $51. It corrected down to $50.57 before again hitting the $51.02 price mark. Here, bears refused to trade above $51, and Monero price strongly pulled back while it had a close just a bit above $49. The coin has recovered slowly from there and is trading at $50.38 at 12:08:42 UTC. The coin is just above the 0.618 level of Fib retracement while it saw an opening today above 0.382 Fib retracement level.
XMR/USD Price Chart
Bollinger bands are set to enter the volatile phase of the price trend today, while MACD is moving towards the bearish zone. RSI is nearing 40, though it is indicating a stable zone. Also, after the death cross, the XMR coin is having a bearish scene in SMA lines as the short term SMA line is below the long term SMA line.
Monero is likely to see resistance at $54.59, $57.91, and $60.87 and support level at $48.31, $45.35, and $42.03.
