- XMR is facing resistance at $75; uptrend appears intact as yet
- Yesterday’s bullish trendline is likely to continue; pullback has been halted
- Technicals are giving mixed signals as of now
Monero Price Analysis:
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XMR coin’s price is slowly matching up with the market bulls as the coin has started to trade upwards. In the earlier hours of today, Monero’s price was declining with a negative bias. The coin has found a support level above the 0% Fib level while it has faced a steep resistance above the 50% Fib level.
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Right now, the currency is testing resistance levels above $75 to continue the price rally further. The coin has already formed a bullish trendline, which is likely to continue if XMR manages to clear resistance at $75, the price level below 61.80% Fib level. The coin is trading at $75.06 at 09:13:09 UTC.
For the better part of yesterday, XMR kept trading downwards due to the pullback effect. The coin found support level at $73.59 to rebound and later faced rejection at $75.27.
MACD of Monero is in the bearish zone with its MACD line on the downside. The short-term SMA line is above the long-term SMA line. Based on Monero price prediction, the coin is yet to recover fully but is giving positive signs at the moment.
