Monero—one of the top 20 coins of the global crypto market is now trading below $100 at $90 after reclaiming yearly high above $100 at $101 in the previous week itself. Monero is considered to be hedging security in a portfolio to subsidize the risk from the highly volatile cryptos if an investor holds any. XMR, during the significant sell-off in March, was stranded as low as $32 but had been continually strengthening after that.
Monero Price Analysis
Monero, when penning down this analysis was trading at $90 after having pulled back from the yearly high of $101. XMR coin plummeted by over 10% in 5 days from the recent high but is still holding solid support from 50-day and 200-day daily MA at $81 and $67 on the 24-jour chart.
XMR coin after consolidating for notably three months is now trading with an uptrend, and $75 serves to be a major support. Moreover, the coin has held strong support of both the MAs right after breaching above $70. When considered the YTD low below $40 and $35, Monero has strengthened by over 200% in 5 months and is quite a promising crypto for the long-term.
The current bearishness and intraday lack of traction after the recent high draw a bearish divergence on the MACD chart and the current price movement lacks a steady trading direction.