The crypto market has started to fight against bears for the last couple of days, though it is yet to record any notable recovery. Resonating a similar trend, Monero has also been attempting a rebound, but the coin is facing hurdles.
Monero Price Analysis:
The initial part of the 4-hourly chart of XMR coin is quite bearish as it noted a price decline of 2.62%. Here, the coin bottomed at $56.13, which was trading at $57.61 at 08:00 UTC.
Furthering the decline, the price went even below the range of $56 and tumbled at $55.75. Monero price seems to have a support level there as the coin has slowly started to move up, tracing a bullish trendline.
Meanwhile, the coin has struck a high spike at $56.31, followed by a pullback. At 12:09:39 UTC, XMR coin price is trading at $56.12.
The Bollinger bands in the chart are indicating a volatile phase as they widen recently. The SMA lines are giving a negative sign as the short-term SMA line is below the long-term SMA line.
The MACD line is just above the signal line, noting a bearish momentum. RSI is just above 50, indicating no extremities. Also, Monero is still carrying a selling pressure.
XMR coin is likely to see resistance at $59.24, $60.24, and $60.88 if the bulls persist, while its support levels stand at $56.6, $56.01, and $55.96.
