- XMR price is slowly gaining momentum above $48 against the US dollar
- The coin to reflect better movement after breaching $49 resistance level
In a few hours, Monero has exhibited immense improvement. Before the same, the coin was spotted marking loss, and the same wasn’t considered to reflect any correction. However, the growth has spiked hope among the intraday traders. The day might close with a profitable digit.
Yesterday, XMR coin started the day with a stagnant pace. For almost a whole day, the coin was trading under immense pressure, but towards the closing, the currency reflected a steep hike. During the last hour, the price was spotted around $49. The improved pace has reflected that the coin has great potential. The investment in the coin wouldn’t go futile.
Monero Price Analysis
Over the last 15 days, XMR coin trades with moderate upside momentum. After hitting $32 mark on March 14, the currency reflected a price recovery. Till March 27, Monero registered steady upward movement and also breached $50 mark, but then, it faced a steep fall, and the price fell to $46. Later, it recovered and started trading with moderate upside momentum.
The second quarter of the year started at $47.79. The opening hour spotted plunge to $46.56, and then, it recovered immediately to $47.40 by 1.80% hike. Further, Monero price slipped to $46.80 that later escalated to $47.48 by 1.47% hike. The currency hanged at the same level for almost 7 hours and then, with a slight plunge to $46.80, the XMR price again and the price reached to $47.60, but couldn’t hold and slipped back to $46.80. There was another improvement spotted at 14:00 UTC, which took the price to $47.36 that further dropped to $46.51 in the next 2 hours and 36 minutes.
Further, the XMR coin price escalated to $47.30 at 19:25 UTC, but again it faced rejection and dropped to $46.52 and fetched double bottom pattern. In the next couple of hours, Monero marked tremendous upsurge that took the price to $48.98 and closed the day at $48.88. Today, the currency began the day with a moderate plunge that brought the XMR price to $48.06. Later, at the time of writing, the improvement stroked and took the price to $48.46.
As per the MACD indicator, the signal line and the MACD line are intertwined and marking bearish crossover. The histogram is reflecting spikes on the below zero level line. As per the current price momentum and XMR Forecast, the Monero price might correct down slightly. The possibility of escalating the XMR coin price to the immediate resistance at $49.15 is relatively less than falling to the immediate support level at $47.22.
Resistance & Support Levels
R1: $49.15, R2: $49.8 and R3: $51.08
S1: $47.22, S2: $45.94 and S3: $45.29
