Monero price tested the $62.00-63.00 support area and bounced back. XMR is trading with a positive bias and it could start a strong upward move if it clears the $70.00 resistance area.

  • Monero price rebounded above $66.00 after testing the $63.00 support area.
  • There is a key bearish trend line formed with resistance near the $70.00 level on the 2-hours chart.
  • XMR could start a strong uptrend if it clears $70.00 and $70.50 in the near term.

Monero Price

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Monero Price Analysis (XMR To USD)

After struggling once again near the $72.00 area, there was a fresh drop in monero below the $70.00 and $68.00 support levels. XMR tested the main support area near $62.00-63.00 and recently rebounded above the $65.00 level.

Monero Price Analysis XMR Chart

Click to Enlarge Chart

Looking at the 2-hours chart of XMR/USD, the pair traded as low as $63.62 and jumped back above the $67.00 resistance plus the 25 simple moving average (2-hours).

The crypto market added more than $5 billion in the past three sessions, pushing bitcoin, Ethereum, ripple, cardano, bitcoin cash, EOS and others higher. Monero too gained traction and spiked above the $70.00 level.


However, the bulls failed to retain strength and the price retreated after setting a high at $70.58. It dipped below the $69.00 level and the 23.6% Fib retracement level of the recent wave from the $63.62 low to $70.58 high.

However, there is a strong support on the downside near the $67.00 level. The 50% Fib retracement level of the recent wave from the $63.62 low to $70.58 high is also close to the $67.00 level. Therefore, dips towards the $67.00 level remains well supported and the price is likely to bounce back.

On the upside, there is a key barrier forming near $70.00-70.50. Besides, there is a key bearish trend line formed with resistance near the $70.00 level. A successful close above the trend line and $70.50 might push XMR price towards the $72.00 and $72.90 resistance levels.

The overall price action is positive and it seems like monero could make an attempt to climb above the $70.00 and $72.00 resistance levels in the near term.

The market data is provided by TradingView, Bitfinex.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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