Monero Price Consolidates After Yesterday’s Decline

Fibo Quantum

  • Monero had formed double-top yesterday; today’s price trend lacks momentum
  • The coin is firmly trading above $46 today; yesterday’s highs still remain far
  • The currency seems to have a support level at $46.54; XMR just tested resistance at $47.44
  • Technical indicators are giving mixed signals for now; volatility can creep over the coin at any time

Monero’s price has fallen flat overnight, while Bitcoin also faced a bearish blow over the last 24 hours. However, BTC has remained above $6000, while altcoins have gone through a few bearish S/R flips.

Monero Price Analysis

XMR coin opened yesterday at $46.57, and now the altcoin may come back to square one as it is just a little above $46. The coin saw major upward movements yesterday when it sharply traded above $48 twice.

While Monero price traced a double top, the price level at $46.80 acted as an active support level. After the sharp and massive nosedive that drove the coin below $47 today morning, XMR has tested support level near $46 for once.

Monero News
XMR/USD Chart By TradingView

The moving averages have just formed a bullish crossover showing possibilities of further gains for Monero price. The coin has formed a bullish candle that is set to cross the 200-EMA line with a bullish bias. Here, RSI is at 47, showing a stable phase, and MACD is holding a mild bearish vibe for now.

XMR coin, if manages to trade in an upward direction with a bullish breakout, it may see resistance at $48.37, $48.95 and $49.86; meanwhile, its support levels stand at $46.88, $45.97 and $45.39.