Monero (XMR) shows signs of recovery following recent price fluctuations driven by concerns over network centralization. The current price of the coin is $256.44.
Current Price Overview of Monero
Monero is trading at $256.44, which is 1.76% higher than in the last 24 hours. However, the token remains 12.33% down from last week’s high. The 24-hour trading volume fell by 25.65%, amounting to $90.08 million, indicating fear and uncertainty among traders.
XMR Price Technical Analysis
The price of Monero bounced off the $251 support on August 12, shortly after the RSI14 dropped to an oversold level of 25.5. Short-term traders have begun actively buying the dip, expecting a reversion to the 7-day SMA at $269. However, momentum indicators remain mixed. The 200-day EMA at $272.83 serves as a critical resistance level. Failure to sustain above $269 could result in a retest of the $240 support zone.
Frequently Asked Questions
Why is Monero’s price up today? XMR rebounded due to reduced centralization risks, technical oversold buying, and broader market strength.
What key levels should traders watch? Immediate support lies at $251 and $240, while resistance is at $269 and $272.
Is Monero’s uptrend sustainable? Not yet confirmed. Momentum remains weak, and mining centralization risks could weigh on price action.
Monero continues to fight for recovery following volatile periods, but uncertainties surrounding centralization remain pertinent. Investors should closely monitor key levels on the charts.
