Monero’s Price Struggles To Recover Above $40: Analysis

Monero’s price struggles to rebound further than $44 and the corrections even took it below the $40 price point. The price range of the coin seems to have reached the $38 support area and XMR is now trading at $39 as we are reading in the monero news crypto.

Over the past five days, Monero has covered a price range of about $34 to $44 since over the past few weeks it was a pretty rough time for the entire crypto market which affected every altcoin to drop in value dramatically because of the Coronavirus pandemic. Monero’s price struggles to leave the bears out of its sight and bottomed way below the $30 price range a week ago. If we take a look at the 1-day price chart of the XMR coin, we can see a downtrend forming which later took on a bullish movement. The coin opened yesterday at $41.09 and from there the coin escalated right away and hit the $41 price mark.

The cryptocurrency was not able to trade any further on the upside and immediately started to correct downwards. It kept declining for most of the day while forming lower highs and it even closed at $37.68 the same day.  It seems that the Monero price found support at a new level and started a weak recovery from that point on. As per the monero news crypto, the bullish price of today ushered the Monero price above the 38.20 price range as it is trading at $39. Considering the technical analysis, the RSI is an extremely positive zone at the 70 showing an overbought phase.  The XMR coin traded above the 200 EMA which shows a bullish price move. Currently, the coin is far away from achieving full recovery and the bears are still persistent.

Monero has privacy turned on a default setting and it is untraceable so the anonymity is baked into the protocol. As a side effect, Monero is more fungible than Bitcoin which means that you can’t tell apart from one coin from the next. For example, if a particular exchange has been hacked or the funds get stolen, the hacked coins can be tracked subsequently by exchanges or vendors. This can make a lot of the coins unspendable which is not ideal for the digital representation of cash.