Will Monero Succeed in Maintaining Its Stability in the Days to Come?

Fibo Quantum

Monero price seems to be getting slowly under bearish pressure as per the price movement over the last 24 hours. However, over the last month, the currency traded mostly with the upside momentum. The past one-day price trend shows the price of XMR mostly in the upper range fluctuating between $54 – $58.

Monero Price Comparison

XMR/USD Chart By TradingView

If we look at the price movement of Monero against the US Dollar since the last 15 days, the currency marked steep hike on April 7, and on the next day, it crossed a $58 price mark. After that, the coin continued to trade with stability for almost two days, and then, it faced a sudden fall, and it fell to $51. Later, the XMR price escalated and regained its price level above $58, but yesterday, it again faced a moderate price drop.

Yesterday, the price of Monero coin spotted at $57.26 at 00:28 UTC, and from this price point, it took an upward rally and reached $58.3361 at 4:43 UTC. However, from this high, the currency reflected a steep fall and pushed the price down to $55.7681 by 4.40% at 12:00 UTC. This did not deter the coin from again trading upwards. At 16:07 UTC, the XMR price spotted at $57.29.

Further, the bears continued to exert pressure on the Monero price and to make it fall to a low of $54.4153 at 19:57 UTC. At 22:57 UTC, the price once again went up to $55.28 and continued to trade with moderate volatility. Today, the XMR coin managed to trade above $55 despite the selling pressure. This has raised the confidence of the traders in the coin, and they expect the coin to recover soon.