Monero Reflects Strong Recovery; Jumps 17%

Fibo Quantum

Monero coin has surprised almost all of its traders, with a growth rate of 17.07%. The current price has now gone beyond $44 all the way from $37. It may continue this trend and reach new heights in the upcoming days.

If we look at the price trend of XMR against the US Dollar over the last few days, it marked a regressive trend until last week. From March 17, Monero price started a moderate movement and gradually picked up the pace, and today, it breached a $45 price mark.

Monero Price Analysis

Yesterday, XMR opened the day at $37.95, and over the next 13 hours, it got an upsurge of 15.52% and touched $43.83. However, from this high, it faced steep fall to $40.89, but then again, it started stable upside movement, and by 00:24 UTC of today, Monero breached $45.55, which is the highest till now over the last 2 days.

XMR/USD Chart By TradingView

However, XMR price couldn’t stand at this high for long and started trading downwards but hold its ground above $44. At the time of writing this analysis, it was trading at $44.43 without having any support from short-term moving averages. The MACD indicator indicates that Monero coin may correct down marginally in the upcoming hours, but, as per the current momentum, it may consolidate around $45 for some time before registering any steep movement.

Resistance and Support Levels

R1: $46.26, R2: $48.38 and R3: $52.53

S1: $39.99, S2: $35.84 and S3: $33.72