Monero (XMR) Dips Further; Trades Well Below $60

  • XMR price has manifested a major price drop over a day, yet to reclaim $60
  • The price drop of more than 5% has pushed the coin below $59
  • Technical indicators give positive signs while the coin deals with selling pressure
  • The coin approaches 50-day SMA value of $58.18

Monero’s price trend mirrors the overall sluggish vibe existing in the crypto-space at the moment. However, recently, the coin has formed a bullish candle and is heading towards the Fib retracement level of 78.60%.

Monero Price Analysis:

XMR coin was firmly trading above $61 yesterday and even tried to climb the price level of $62 when it had a close at $61.92. Till 15:20 USD yesterday, Monero price remained above $60, and from $61.53 price mark it took a sharp plunge causing the price to bottom at $57.90. This was a decline of 5.90%, along with a bearish trendline.

Monero has been attempting to strike a rebound from there but is yet to cross the $59 price mark with an uptrend. The coin is facing stiff resistance above the Fib retracement level of 78.60% at present. Currently, the XMR price is at $58.68 at 10:05:23 UTC.

Monero Price Chart
XMR Chart By TradingView

XMR’s SMA lines are likely to have a bullish crossover, while the MACD chart is already in the bullish zone with its MACD line above the signal line. RSI is moving towards the overbought zone as it appears near 65, indicating a positive sign. Apparently, the coin is about to cross the $59 price mark, if it continues to move up. Notably, the coin is trading under selling pressure.

Monero is likely to see resistance at $63.89 and $65.17 if it manages to trade above $61.63 with an uptrend. Also, a price drop can usher the coin to the support levels of $58.09, $56.81, and $54.55.

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