Monero price analysis: XMR/USD bulls fight to hold onto the intraday gains
|- XMR/USD explores higher levels towards $100 from $70.00 primary support.
- Monero holds on to the intraday gains as bulls retreat.
Monero is in the green amid a sea of red. The cryptocurrency market is making a correction after formidable gains on Friday during the Asian hours. Like Bitcoin which soared above $10,500, Monero made a shallow rise from the opening price at $82.36 to a high at $84.33. Monero is among the few digital currencies that are holding on to the intraday gains.
At the time of writing, Monero is teetering at $83.52 following a 1.3% rise on the day. Glancing north, the immediate resistance is at the 50% Fibonacci retracement level taken between the last swing high at $98.35 to a swing low of $72.01. Correction above the 50 Simple Moving Average (SMA) will pave the way for gains towards $100.
On the downside, the immediate support is seen at the 38.2% Fib retracement level. In addition to that, 100 SMA currently at $81.09 is in line to offer support. Importantly, $80.00 is a key support area while $70.00 holds as the primary support area.
XMR/USD 1-hour chart
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