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Monero, the leading privacy cryptocurrency on the crypto market, has seen mostly sideways fluctuations over the past few weeks, culminating in the price of the coin consolidating near its current trading price. In the heavy turmoil on the Bitcoin sector, Monero has not seen enough traction to allow its price to break neither its immediate resistance nor its help.
At the time of writing Monero’s stock, it was valued at $239.6 with a market cap of $4.2 billion. Despite the long-term sideways play, over the course of the week, the coin racked up earnings and saw its valuation price increase by more than 15%.
Monero 1-day chart
Monero’s price has been reduced since the closing weeks of February. Since the coin has, on occasion, checked both its immediate support at $202.2 and its resistance across the $249 price point. In the last few days, this resistance barrier has stopped the price from going above it, halting the market’s buoyant momentum. If the same thing happens to happen in the next 24-48 hours, Monero is expected to be on the sidelines even in the coming week.
There are signs of a pattern turnaround on the Monero market. However, it is too premature to be clear how the market will respond in the coming days. On the heels of Bitcoin’s price spike, the currency saw a small uptick in bullish sentiment. This is demonstrated by the MACD tracker, which has just undergone a bullish crossover with the MACD line heading past the signal line. The Stochastic indicator is currently in the over-purchased sector, which indicates that the sellers are currently dominant in the market.
Important levels to watch out for
Resistance: $249, $285
Support: $202 $170
The price of Monero will see a price increase in the coming week. This is most likely to happen only if the coin is able to overcome its immediate resistance of $249. However, considering the manner in which Monero’s price has responded in the past, one cannot dismiss a dip in the coming week as well. In such a situation, the coin is expected to move into the $202 price point.