Monero’s Price Recovery Faces Hurdles

Fibo Quantum

The 5-day chart of XMR shows how the coin is still on the way of a complete price rebound as it is well below $70. When February was about to end, the Monero price was above $70 but with a bearish bias.

With the start of this month, Monero has breached major support levels including $65 and $66. Also, on March 1, it closed as low as $63. As Monero found a support level there, a notable price recovery initiated on a strong note.

Monero News
XMR/USD Chart By TradingView

Within a day, XMR surged by more than 9.17% yet, couldn’t hit the $70 price mark. The coin faced a rejection above $69.23 and started a downward journey. The coin traded even below the 38.20% Fib level yesterday to find support level at $65.31.

According to the chart, RSI and MACD are in the bullish zone though MACD is set to see a bearish crossover.

XMR Price News

XMR is continuing an uptrend since it started the price recovery yesterday before closing. The coin is about to slip below the EMA line noting a negative sign while $65 is expected to act as an active support level.

Yesterday’s bearish trendline has been halted today, meanwhile, Bollinger bands are heading towards a moderately volatile phase.