Monero (XMR) price underperforms as market bounces back

Monero (XMR) price underperforms as market bounces back

By Ilija Rankovic - min read
Updated 21 March 2023
Multiple golden Monero coins

Monero is one of the rare cryptocurrencies in the market cap top 50 that ended up posting week-over-week price losses as it underperformed the surging crypto market

Fundamentals and past price performance

Monero has lacked initiative in terms of upwards price action in the last week as the market finally bounced back up. However, not all is lost for XMR, as its price is seemingly creating a solid technical formation on the daily chart. When it comes to its fundamentals, nothing major (or at all) has changed recently, which was an additional reason for such price performance, especially in a time where several top projects are shaking the market with updates.

XMR managed to score a weekly-over-week loss of 2.89%. When compared to other cryptocurrencies, it underperformed both BTC’s 7.35% gain and ETH’s 16.62% gain. Monero is currently the 21st-largest cryptocurrency by market cap, boasting a value of $3.68 billion.

At the time of writing, XMR is trading for $212, which represents a price decrease of 10.04% when compared to its value in February.

XMR/USD daily price chart analysis

Monero has been in consolidation mode for just over 10 days, after it found support and stopped dramatically losing value. While its price is currently testing the lower parts of the current value range, XMR looks strong above the ascending support line that lasts for over a month.

Monero is currently between its 21-day and 50-day EMA, with the ascending support level as its pivot line. If the cryptocurrency stays above it, it may try to face the area above $220. However, if it drops below it, it might ignore the 50-day EMA and head straight down towards $190.

XMR/USD daily price chart. Source: TradingView

XMR’s RSI on the daily timeframe is hovering around the middle of the value range, with its current value sitting at 48.39.

XMR/USD hourly price chart analysis

Zooming in to the hourly timeframe, we can see XMR hitting the ascending support level after dropping in value for three days. This is where the cryptocurrency changed its direction and started following the ascending line.

XMR/USD 1-hour chart. Source: TradingView

XMR is currently on the way down, threatening to retest the aforementioned ascending trendline. If this level falls, Monero’s next strong support is the area around $190.