Monero Price Analysis: XMR pushes past 50.00 and edges towards a key resistance level
|- Monero trades over 7% higher as the cryptosphere catches a bid.
- The XMR/USD pair looks like it heading to the ket resistance level of 57.92.
XMR/USD daily chart
Monero is trading higher as pretty much all cryptocurrencies catch a firm bid in the US session on Thursday. On the chart below the red horizontal line highlight the significance of the price around the 57.92 area. On this chart alone there is around 4 key touches where the line was used as either support or resistance.
It will be interesting to see if the price makes it past the 32.2% Fibonacci level that is currently being tested. The Fib level is often a pretty useful one and often acts as a resistance in the crypto market. Aside from that, the indicators are looking bullish to with the MACD histogram above the mid-line and the RSI pointing to higher levels also. The only thing that could improve about the MACD is the signal lines are they are both under the 0 mid-point.
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Additional levels
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