Monero, at the time of writing, this analysis was trading at $55.29 after drawing a fine intraday uptrend yesterday. However, the current trading price fails to retain support from a 200-day daily MA. With consecutive higher highs, XMR coin has formed a weekly major resistance at $59. While the major weekly support lies around $51.
On the intraday chart, Monero has breached the gains as the fine uptrend seems to lost the momentum. Having said that, the bullish presence diminishes as XMR/USD seems to experience price accumulation around the current trading level. The coin lost the support of the daily moving averages after plummeting below $58 on the intraday chart just when Bitcoin dipped below $7k, losing the gain farfetched. Just as the coin is hit by the moderate market volatility, we can see further dips or price accumulations if XMR retains short-term support.
Having breached the subtle uptrend, Monero failed to give another higher high, and the week started on a sluggish note. The technicals of the coin draw a similar kind of picture as the MACD of XMR appears slightly bullish due to current price accumulation, and a dip below $53 is likely to draw a bearish entrance. On the upside, we have $59 as the major resistance to watch out for.
