Tanya Abrosimova
Independent Analyst
- Monero experienced a strogn recovery on Monday.
- The further recovery may be extended towards $70.00.
Monero (XMR) recovered from the Sunday's low of $64.79 to trade at $67.46 by press time. has stayed unchanged in the recent 24 hours and gained nearly 1.5% since the start of the day. Monero takes the 17th place with the current market value of $1.18 billion and an average daily trading volume of $72 billion.
XMR/USD: technical picture
On the intraday chart,, XMR?USD recovery is limited by 1-hour SMA100 at $67.50. An attempt to clear this level has failed so far; however, the upside-looking RSI on both 4-hour and 1-hour charts implies that the bulls might have another try. Once they are successful, the recovery may be extended towards the next local resistance created by the upper line of the previous consolidation channel at $68.00. The next resistance is created by psychological $70.00 with the local recovery high located marginally above that level.
On the downside, the first support comes in the form of 4-hour SMA50 at $67.20. A sustainable move below this area will increase the downside pressure and bring the upside trendline from May 25 low back into focus. Currently this line is registered at $66.70 and it separates XMR from a deeper decline towards 4-hour SMA100 at $65.30.
XMR/USD 4-hour chart
-637272093396398093.png)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
XRP fails to recover even as Ripple files appeal in response to SEC's move
Ripple price has been range bound between $0.5666 and $0.5068 since October 3. Over the past 20 days, XRP has traded within the range even as the SEC vs. Ripple lawsuit sees new developments.
Ethereum Price Forecast: ETH declines below $2,500 as demand fades
Ethereum price is nearing its daily support level of $2,461; a firm close below this level would suggest a decline ahead. Coinbase Premium Index shows signs of weakness and remains below neutral levels.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC shows signs of recovery
Bitcoin has found support at the key $66,000 level, suggesting a potential recovery. However, Ethereum and Ripple prices are struggling below their critical support levels, indicating a possible continuation of their downtrends.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin (BTC) trades slightly down at around $67,500 on Friday after finding support around the $66,000 level on Wednesday, following three consecutive days of decline earlier in the week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.