Monero (XMR) Price Spikes Significantly But The Sellers Pull The Price Back

September wasn’t one of the best months for the Monero platform and community. The platform name entered the news more than ones regarding cryptocurrency jacking and other attackers from hackers. The development team also had to deal with the burning bug problem as reported by smartereum.com. The Monero community had enough of these attackers and finally made a public statement denouncing these attackers and creating a malware response team in a bid to help prevent future attacks on the network or through the network.

Monero (XMR) Price Today – XMR / USD

Name Price24H (%)
Bitcoin (BTC)
$6,479.00
-0.08%
Monero (XMR)
$108.80
2.96%

On the other hand, the price of Monero (XMR) like many other cryptocurrencies was trading in range almost throughout the month of September. Yesterday, it started the day in range with medium-term support levels at $166.50, $168.50 and $170.50 and medium-term resistances at $124.50, $122.50 and $126.50. There was a spike in price within the upper and lower parts of the range. The spike was marked on the chart at $111.50 and $117.50. There was another spike this morning that pushed the price further into the upper part of the range. It even got to the 50-day simple moving average.

As expected, the sellers pulled the price south shortly after until it fell below the middle part of the Bollinger Band. The stochastic oscillator started pointing south to show that the possibility of a bearish takeover is still high. It’s important that you wait for a modest reversal toward $112.25 before throwing in more capital.

Monero (XMR) Short-term Analysis

Short-term, the $113.25 support level has acted as a strong foundation for significant price rebound. Earlier today, there was a Japanese bullish candlestick formed on the price charts after the Bollinger Band and the 50-day simple moving average got breached. At the time of writing, Monero was trading at 114.25. This shows that it is down by 1.17% against the USD and a 0.62% fall against Bitcoin. The next few days of trading will determine if the price action will change or not.


SEE ALSO:   Cryptocurrency Researchers Discover That Blockchain Technology Will Make Internet Voting Worse Instead Of Better 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

4 + two =

This site uses Akismet to reduce spam. Learn how your comment data is processed.