Monero manifested a rapid drop in last 3 days which became a concern for the XMR investors. However, the value tried to get a better off but, couldn’t do much and the coin currently trades around $58.
XMR to USD Price Analysis:
Considering the value from last 5 days, Monero was initially seen trading at the highest $74.246 of the said time frame on September 22 at 12:50 UTC. Yesterday, the value from then had a drastic drop of 22.11% at 04:20 UTC, when Monero was trading at $57.831.
Later, the price of XMR slightly increased by 5.29% at 21:30 UTC which led the coin to trade at $60.845. However, the current trading value is a result of a drop by 4.30% when compared to the latter price mark.
Monero is trading in the strong bearish zone which might turn to be an opportunity for the potential investors. Considering the potential of the returns to be fetched, the current scenario seems to be anti-investment. However, the decision might change considering the trade points one wishes to trade upon.
Since the fluctuations might create hurdles in taking the trade decisions, the calculated resistance and support levels for a better trade decision are as follows:
R1: $61.48, R2: $63.1, R3: $64.9
S1: $58.06, S2: $56.26, S3: $54.64