Monero price analysis: XMR/USD supported by upside trendline

Fibo Quantum

  • XMR/USD is down 3% since the beginning of Wednesday, recovery on the way.
  • Monero dev team cured a potentially dangerous flaw.

Monero (XMR) is changing hands at $113.25, losing 3% since the beginning of Wednesday. The coin takes the 10th place among global digital assets with market cap registered at $1.8B and average daily trading volume at $27M. The coin has been recovering from August 14 low at $7995. It is peaked at $141.95 on September 4 but retained the mid-term upside bias.

Monero technical picture

On the 4-hour chart, XMR/USD is supported by SMA200 currently at $111.85, closely followed by 50% Fibo retracement level for the upside movement from the above-said low. If this area is cleared, the sell-off may be extended towards the upside trendline (currently at $104.68) and to 61.8% Fibo retracement ($103.51). This is a strong support, where fresh buying interest is likely to appear.

On the upside, the local resistance is created by SMA50 (4-hour chart) at $116.33, followed by 38.2% Fibo retracement at $118.24. A sustainable movement above this area is needed to allow for a more sustainable recovery towards the recent high reached at $128.13.

Bug neutralized


Meanwhile, Monero developers revealed and neutralized a severe bug in a wallet software that allowed hackers siphoning Monero from cryptocurrency exchanges.

“A bug in the wallet software allowed a determined attacker to cause significant damage to organizations present in the Monero ecosystem with minimal cost. A determined attacker could burn the funds of an organization’s wallet while merely losing network transaction fees,” the company explained in an official statement.

XMR/USD, 4-hour chart

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