Monero price movement has been quite impressive from the past couple of days. The growth was likely to bring a positive change for traders. The intraday movement in the coin started with an amazing upsurge. However, the momentum came under slight pressure but improved immediately. Later, the XMR coin price again fell, and this time the pullback pressure is likely to increase. The chances of closing the day with a positive digit have depleted. Intraday trading is speculated to bring marginal loss to the investors.
Monero Price Analysis
Since the beginning of this month, Monero registered a strong recovery and continued to trade with upward momentum. Yesterday, the XMR price was spotted at $59.22, and in the initial 30 mins, the price escalated to $60.42. From this high, the coin faced steep fall, and the price shifted to $57.03 by 5.64% over the next 4 hours. After hitting $57 mark, the price improved to $59.59 by 4.54% hike at 12:23 UTC.
Later, Monero price slipped to $57.55 at 15:00 UTC, but then it spiked to $59.10; however, again, it dropped to $54.78 by 6.64% fall at 21:11 UTC. From this low, the XMR coin improved momentum and reached $56.07 by 2.36% hike. The coin closed the day at $55.90. The intraday movement reflected a 5.57% regression.
Today, Monero coin started the day with an escalation, and in the next 3 hours, the price escalated to $57.98 by 3.72%. Later, the coin hovered around the same level till 06:00 UTC. Then, it slipped to $56.66 by 2.45% fall. The MACD indicator reflects bullish crossover, and hence, there is a slight possibility of recovery. As per Monero forecast and analysis, the immediate resistance level at $58.84 is likely to be breached in the upcoming hours. However, if the market pressure took over the XMR coin, then the immediate support level at $54.2.