Monero [XMR] Recovers Significantly After Testing a Major Support Level at $92

Since the beginning of this week, the digital currency market has been swimming in the red. A lot of digital currencies have lost a significant fraction of their values, including Bitcoin (BTC), Ethereum, XRP, etc. Monero [XMR] is also in this boat, but the digital currency is gradually recovering, after testing a major support.

Monero (XMR) Price Today – XMR / USD

Name Price24H (%)
Bitcoin (BTC)
$3,364.05
-2.24%
Monero (XMR)
$42.29
-4.40%

At the time of writing, Monero is changing hands at $99 after a decrease of more than 2 percent over the past twenty-four hours. The market cap of the digital currency is $1.64 billion and its trading volume over the past twenty-four hours is $30.65 million.

Monero [XMR] Price Analysis

Monero has been heading south for quite some time now, and the downward movement of the coin started earlier this year. Recently, the digital currency made a recovery attempt but it was capped on the upside by a resistance close to the $150 mark, the value of the coin later plunged lower.

At the moment, the value of the coin is close to its previous key support level at the $100 mark. The digital currency is presently supported at the $95 mark. If the digital currency declines below this support level, it will likely find another strong support close to the $90 mark.

Monero [XMR] Mid-Term Trend

Looking at the charts, Monero has been a bearish territory, making lower lows and higher lows for weeks. The value of the coin has been experiencing “persistent bearishness,” despite the conventional equilibrium phases and abortive rally effort – which are transitory in nature.

Looking at the four-hour chart of the coin, the MACD supports short trades, hence making long trades irrational right now. The digital currency may try to find its way back to the top, nevertheless, it would face a few strong hurdles along the way. What the coin needs now is a radical fundamental event to forcefully bring about a considerable rally in the market.

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