Monero price surges to trade above $200 for the first time in April: Will the bulls hold ground
|- Monero must find a support above $200 to avoid further declines.
- The 50% Fib retracement level is providing a stronger support to the downside.
Monero price is dancing with $200 on Friday after recovering from lows of $163 traded earlier this week. XMR/USD broke above key resistance areas at $185 and $195 as the price retraced higher.
The traders are shifting their sentiments towards the majority of the coins and altcoins in the crypto market. At the moment, Monero must find a support above $200 to avoid further declines. There is a short-term support at $195 level which acted as a resistance level during the upside movements. However, the 50% Fib retracement level with the last swing high of $201 and a low $163 is providing a stronger support to the downside.
The bears are fighting to enter the market; however, the buyers are also struggling to keep the price above $200. It is a matter of who is stronger; however, some trend indicators are on the side of the buyers. For instance, the 100 Simple Moving Average is above the 200 Simple Moving Average to signal that the path of least resistance is to the upside.
XMR/USD hourly chart
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