Monero has been trading with a bullish impact against U.S.Dollar since the last 5 days. The coin has witnessed how its price has been uplifted notably, due to Bitcoin’s recent price rally above $10,600.
- Monero has come up with a bullish price scenario over a week, continues to give positive signs
- XMR appears to have a support level at $74.72, also, the bullish trendline is anticipated to act as a support level
- Yesterday, the coin had a close around $90, may cross the price mark again
5 days ago, XMR was trading at $78.58 and it saw a price plunge at $74.72. Seeing a support level here, XMR steadily surged above $83 with an increase of 11.46%. The coin corrected down to $78.08 and again took a rebound. XMR maintained its price range from $80 to $83 till it saw another price surge on 18th August.
Since the last couple of days, XMR has been steadily moving up and yesterday it even reached as high as $90.55. The coin is correcting down at the moment and is at $88.32 at 05:01:04 UTC.
XMR/USD Price Chart
Monero’s current price is above its 5-day SMA of $85.90 along with its 50-day SMA of $87.18. Its long term SMA is about to slip below its short term SMA, which indicates a bullish price move. Also, XMR is trading in ‘buy’ phase.
Monero Price Prediction & Technical Indicators:
The MACD chart of the coin is moderately volatile and is entering the bullish zone with its MACD line above its Signal line. RSI for the coin is above 50, showing no extremities. XMR may face resistance at $92.28 and support at $ 82.65.
1- Do not invest in every ICO – most of them are a scam.
2- Crypto is a heavily manipulated commodity and the price can change at any moment.
3- The creation cost of a coin represents the “wholesale” price – It is always better to buy when the price is close to the creation cost.
4- Crypto has a natural cash flow that dictates the selling pressure. Like, 1800 bitcoins are mine each day so 1800 bitcoin must be bought at the current price (“means market needs new $18 millions of investment every day if the price is $10,000 to maintain the current price“).
5- Patience and timing are key to making a profit:
Buy, when the price is close to the creation cost.
Sell, when the price is way high off the creation cost.