Monero, in the early trading hours on Friday, ahead of the weekend, was seen hitting a 15-day high as retraced above $50 for the second time in the ongoing month. Moreover, the crypto market has marked an unmatchable bullish crossover amidst the pandemic when all the investment avenues are seen facing selloffs.
Monero Price Analysis
Analyzing the hourly movement of Monero against the US Dollar, we see that the coin is on a winning spree as it has been exhibiting a bullish move since the start of the ongoing week. The price trend of XMR coin is seen hitting above 38.20% Fib Retracement level. Additionally, the coin has also retained support from 50-day and 200-day daily moving average. The 20-day Bollinger Bands laid are seen squeezing, and we believe that the price of XMR coin is likely to see a further rise as per the current momentum and hit the upper Bollinger Band.
The major resistance lies at $51, and the immediate and major support lies at $48 and $45.
Technical Indicators:
The MACD of Monero is holding a bearish divergence as the signal line crosses above due to an intraday pull back from a high of $51.56 to currently trading at $49.03.
While the RSI is seen holding around 46.17 withholding no trading extremities at present.
