Monero overview: Bulls set their eyes on $60.00
- Monero breaks above $58.00 and gains nearly 7% in recent 24 hours.
- More upside to come with a focus on $60.00.
Monero (XMR) is another big winner of the day. The coin gained nearly 7% in recent 24 hours to trade at $58.50 by the time of writing. Monero sits at the 14th place in the global cryptocurrency rating with the market cap estimated as $964M. An average daily trading is registered at $100M, which is in line with long-tern figures.
Looking at the chart, Monero has been trading with bullish momentum since March 5. After a short-term struggle at the $50 barrier, the coin managed to develop a strong upside momentum and settled above $58.00 handle.
As the short-term bull movement is gaining traction, Monero is poised to reach $60.00 handle provided that the global cryptocurrency market moves in the same direction. Once this psychological barrier is out of the way, the upside may be extended towards $70.00 with DMA200 located on approach.
On the downside, the local resistance is created by a congestion zone $56.00-$55.80. A move lower will push the price towards $54.80 to close the bullish gap created during late Sunday hours. The next support is seen at $53.30 (confluence of SMA50 and SMA200, 4hour). It is followed by critical $50.00 barrier.
XMR/USD, 4H chart
Author
Tanya Abrosimova
Independent Analyst
