Monero (XMR) Starts The Week On A Bearish Note
The crypto market is trying to recover its valuation since the recent crash of BTC.
Today, the market looks pretty bloody, with the most important coins trading in the red.
$63 is a must for XMR’s full recovery
Monero is facing resistance above $61, and it’s been revealed by the online magazine CryptoNewsZ that a steady uptrend above $63 is a must for a full recovery.
According to the online publication, “XMR has kickstarted this week on a bullish note as it started trading at $63.20 and reached above $64 on November 06, i.e., Wednesday.”
They continued and reported that “The next day, the second price surge took place and hit major resistance near $65. After downward corrections, the coin returned to the price range around $63. After remaining there for a while, XMR coin price sharply tumbled and ended up with a decline of 5.59%.”
At the moment fo writing this article, XMR is trading in the red just like other important coins, and the privacy-oriented crypto is priced at $62.31.
The online pubcalition mentioned above notes that “Monero may face resistance at $63.04, $65.18 and $66.63 while its Support levels stand at $59.45, $58, and $55.86.”
Monero in the news
Other than this, the optimistic predictions regaring the price of Monero continue to appear in the crypto market.
According to the online publication FX Street, the XMR uptrend will probably settle between $62 and $64, and the bulls have the upper hand, based on price indicators.
Monero is getting ready for a new hard fork, as you may know by now.
It has been revealed that the hard fork will introduce the new PoW RandomX.
Other than this, the Monero project has been gaining more and more interest from crypto enthusiasts who see a great choice for investment in the privacy coin.
Monero has been also involved in all kinds of illicit activities and this is the main reason for which is triggered scrutiny from exchanges and regulators.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.