Monero (XMR) Fails To Sustain The Uptrend
Monero’s price seemed to be eyeing the $60 level. XMR’s price moves are also likely to resonate with the ones of Bitcoin, and during the past few days, BTC has been on an ascending trend as well.
But now, the whole crypto market is trading in the red, and Monero fell once again.
Monero is struggling above $53
The privacy-oriented coin is now placed on the 13th position on CMC and XMR is trading in the red. At the moment of writing this article, XMR is trading at $53.30.
CryptoNewsZ writes that “On November 24, the coin was pretty bearish and had a low swing at $46.08. Seeing a support level there, Monero has surged by more than 12% to reach above $51.80. The coin consolidated for more than a day before striking another price rise. With an increase of 13.55%, the coin has hit the price mark of $56.90.”
The online publication continued and explained that “Since the surge, the XMR coin price has been consolidating with a positive outlook except for a low swing at $53.55.”
They also noted that as the short-term SMA line was above the long-term SMA line this paints a bullish picture for the coin right now.
The same online publication said that “Monero price is likely to face resistance at $56.18, $58.34, and $59.53 and support levels at $52.83, $51.64, and $49.48.”
Monero is gaining increased interest – XMR in the crypto market
Other than this, Monero has been gaining increased interest this year due to its strong privacy and anonymity features.
More crypto enthusiasts feel that this is an excellent choice for investment.
Other than this, Monero is ready for the new upgrade.
The Monero project has been preparing for the upcoming network upgrade for quite a while now.
The XMR/USD pair managed to drop by about 30% since the start of this month.
It's also worth noting that technical analysis shows that the pair is still technically bearish over the short and medium-term, as well.
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