Most of the cryptocurrencies remain in the red zone; however, there are some exceptions to the rule, according to CoinStats.
XMR chart by CoinStatsXMR/USD
The rate of Monero (XMR) has declined by 6.54% since yesterday.
Image by TradingViewOn the hourly chart, the price of XMR is above the local resistance at $510.11. If the daily bar closes around that mark, traders may expect an ongoing upward move to the $550 zone soon.
Image by TradingViewFrom the midterm point of view, the rate of XMR has made a false breakout of yesterday’s bar’s low. However, the volume remains low, which means it is early to think about a fast bounce back.
Image by TradingViewFrom the midterm point of view, one should focus on the weekly bar’s closure in terms of the $518.99 level. If it happens below it, the decline is likely to continue to the $500 zone.
Such a scenario is relevant until the end of the month.
XMR is trading at $517.12 at press time.
Source: https://u.today/monero-xmr-price-analysis-for-january-21
