Monero defies gravity, but will it keep up growing?
|- XMR/USD spiked above $111.00 in a matter of hours.
- The coin needs to settle above $110.00 to get a chance for an extended recovery.
Monero (XMR) is growing strongly during late Asian hours. The coin jumped over 5% and touched $11.70 in a matter of hours before retracing to$109.76 by the time of writing. The coin is the biggest mover of the day amid otherwise quiet cryptocurrency market. Monero sits at the 10th place among global digital assets with the market value of $1.8B and average daily trading volume at $19M.
Monero's technical picture
On the 1-hour chart, XMR/USD managed to smash several important technical levels, including $110 and $11.00 handles. While returning to the range under $110.00, the upside bias is still strong, signaling that bulls make attempt another assault on the resistance areas. Meanwhile, the Relative Strength Index (RSI) has entered an overbought territory with no signs of a turnaround. However, traders have to exercise caution as failure to take out $110.00 will trigger profit-taking on long positions and push the price lower.
On the downside, the support is produced by !07.00-$106.90 congestion area that includes both SMA50 and SMA200 (1-hour) and the lower line of the recent channel. If it is broken, the downside may be extended towards $106.40 and psychological $105.00.
XMR/USD, 1-hour chart
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