Monero (XMR) Price Analysis for January 21 - U.Today

Most of the cryptocurrencies remain in the red zone; however, there are some exceptions to the rule, according to CoinStats.

XMR chart by CoinStats## XMR/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.