Monero’s Price Rally Pauses with a Consolidation

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  • Monero price has been consolidating for the last three days; coin trades above the 61.80% Fib level
  • The XMR coin is trading within the price range of $53 to $55
  • Technical indicators appear bearish while the coin holds a stable momentum
  • Monero seems to have a support level at $52.01

The crypto market is seeking a robust price boost for a very long time now as it appears under a tight grip of bears. Meanwhile, Monero has also come up with a price rebound over the last five days and now the coin is attempting to sustain the same.

Monero Price Prediction

XMR price was trading at a low near $52.66, and it extended the drop till it bottomed at $52.01. Seeing a support level there, it rose by more than 6%, reaching above $55. Later, the pullback ushered the Monero price to $53.63 and since then, the coin has been trading between the Fib level of 61.80% and 23.60%. At 09:59:19 UTC, XMR is trading at $53.40. The Fib retracement levels near 78.60% may act as potential support levels.

XMR Coin News
XMR Chart By TradingView

Notably, the short-term SMA line is above the long-term SMA line noting a positive price move, but the lines are heading towards a bearish crossover.

RSI is near 40 showing no extremities while the MACD chart is in the negative zone with its MACD line on the downside. Also, Monero is trading under selling pressure while it struggles for a bull-run.

XMR coin is likely to see resistance levels at $54.81, $55.31, and $56.11 and support levels at $53.10, $52.71, and $52.21.

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