Monero (XMR) Corrects Down Below $80 After Hitting 90-day High

Fibo Quantum

  • Monero, at the time of penning down this analysis, was trading at $79.8 after facing volatility over the past ten days
  • XMR/USD exhibits a mix of trends due to market volatility and lack of medium and long-term support
  • The intraday trading appears green as the MACD of the coin shifts towards the bullish divergence and attempts to rise above 38.20% Fib Retracement level

Monero shows a mix of uptrend and downtrend as the market is facing volatility over the past 8 to 10 days. The current trading price is lacking support from the 50-day and 200-day MA due to intraday pullback.

Monero Price Analysis

XMR/USD Chart By TradingView

Analyzing the hourly XMR/USD price movement on Kraken, we see that the coin was experiencing an uptrend until the mid of the ongoing month. Impressively, Monero price crossed above $95 to mark a fresh 90-day high at $96 hinting towards a confirmed price rally.

However, as the market volatility component strengthened, XMR price started sliding downwards and is currently testing supports below $80. On the contrary, the intraday trading for the coin appears to be gainful as the candlesticks turn green and attempt to rise above 38.20% Fib.

The technical indicators assigned on the hourly chart hold slight bullish crossover as the MACD of Monero is seen hitting above the signal line, and the RSI is at 51.53, which is rising above the support and oversold zone at 30.