Monero Market Analysis: XMR/USD surges over 3% on a daily basis

  • Monero spiked over 3% higher on the day but the momentum still fell short of the range resistance at $70.00.
  • XMR/USD could remain in the hands of the bulls a while longer based on the upward trending RSI.

The crypto market is back in the red after a fruitful trading session on Wednesday. The larger cryptocurrencies are leading with retreat, especially for Bitcoin and Ripple. Monero (XMR) and a few other selected cryptoassets have managed hold in the green in spite of the growing bearish grip across the board. XMR/USD is trading 3.44% higher on the day and with a market value of $68.52. As the volatility expands, the bullish action is likely to increase its momentum.

Despite the progress made on the day, XMR/USD is still trading within a consolidation range with a support limit at $60.00 and a resistance at $70.00. The price has stepped above both the 50-day and 200-day moving averages; an indication that buyers are in control. Moreover, the 50 SMA is extending the gap above the 200 SMA, which further cements the bulls’ position on the market.

The RSI is moving towards the overbought region at the time of writing. In addition, the MACD is grinding above the mean line. Both of these indicators align in support of gains towards the psychological $100.

For now, the bulls’ focus is to break the range resistance at $70.00; a move that is likely to pave the way for gains heading to $100. Support is expected at the 50-day SMA, the ascending trendline (green), the 200-day SMA and the range support limit at $6000.

XMR/USD daily chart

XMR/USD price chart

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