Monero price analysis: XMR/USD the big $300 test is most certainly on now for the bulls, as the price reaches defining trend moment
|- Monero has rallied another 4% on Tuesday, as the price guns towards key resistance level at $300.
- XMR/USD bulls will need to break $300 to see further upside within the short term.
The Monero price is seen up over 4% on Tuesday, as it closes in on the big $300 level, which has not been seen since 8th March, where the price had entered a bearish trend, after hitting a trend line acting as resistance.
Price action has formed a relatively large bullish pennant on the daily chart, pending a potential breakout. However, XMR/USD on each occasion as proven so far, has continued to respect this pattern, if the price action gets rejected at $300, it could be sent back down towards the lower part of the pattern.
XMR/USD has much bullish momentum behind it within the short-term, this can only be extended should Monero comfortable breaks and closes above the $300 mark, where the upper trend line sits of the bullish pennant. A breach to the upside can invite the bulls to drive the price back towards the record highs in December around $477. Support seen at $240 and then back down to $163.
XMR/USD daily chart
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