Prices

Monero’s Price Recovery Sees Hurdles; Support Appears at $38

Monero price has witnessed bears yesterday as it traced a steep downtrend till it closed. Today, it has found support at $38 and is rebounding from there.

  • XMR coin saw a rebound above $44; however, corrections took it below $40
  • The price range around $38 appears as a support area; the coin is just above $39 right now
  • The mild bullish trendline has been breached yesterday; technical indicators are still giving mixed signals
  • Over the last five days, Monero has covered a price range from $34 to $44

Monero Price Analysis

The last few weeks have been noticeably tough for the whole crypto market and this has affected every altcoin as BTC price rapidly fell below $4000 amid Coronavirus impacts. With that, Monero coin has been trying to leave the bears behind since it bottomed way below $30 on March 13.

If we look at the 1-day price chart of XMR coin, it clearly depicts a downtrend that has taken a bullish turn today. The coin opened yesterday at $41.09 and from there, the coin escalated initially to hit the $42.45 price mark.

Monero News
XMR/USD Chart By TradingView

The currency couldn’t trade further on the upside and it started correcting downwards. It kept declining for the whole day while forming lower highs till it closed at $37.68. Here, it seems to have found a support level as it has started a weak recovery from here.

Today’s bullish price actions have ushered the Monero price above the 38.20% fib level as it is trading at $39.09 at 07:12:05 UTC. Considering its technicals, RSI is in an extremely positive zone at 70, noting an overbought phase.

The XMR coin has just traded above the 200-EMA line showing a bullish price move. Right now, the coin is far from achieving full recovery as bears are still persisting.

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