Monero price has dropped significantly over a day as part of the market crash that took place yesterday. The coin has declined from $53 to $26, which is a hefty loss of more than 50%. Meanwhile, Bitcoin has managed to extend its rebound above $5500.
Monero Price Analysis
XMR coin opened at $56.93 yesterday, and the coin was already holding a negative bias resonating with the rest of the market. The bearish trendline took place when the coin had a plunge at $37, and here, it has breached major support levels of $50 and $42.
Even after a minimal rebound at $41, XMR coin continued to decline, and today morning, when BTC struggled above $3900, Monero coin price hit bottom at $26.06. However, the rebound journey has started, and the coin saw its first rejection at $40.
Notably, the coin is well below the EMA line with bearish MACD indicator. XMR is trading at $37.87 at UTC 12:27:49.
After the price plunged at $26 today, it has rebounded with a hike of 53%. Considering the current scenario, the coin is likely to see major hurdles while recovering. Also, Bollinger bands are shrinking, showing no upcoming volatility; however, the market holds uncertainty at the moment. Here, surprisingly, SMA lines have formed a bullish crossover.
