Monero Price Analysis: 50.00 is the next target for the bulls

Monero is trading nearly 7% higher on Monday following a drop over the weekend.
50.00 is the next target to the upside and it has been breached fairly recently.

XMR/USD daily chart

Monero is pulling back after the fall over the weekend and looks like it may test the 50.00 area. On the bearish side, the price is trading under the 55 and 200 moving averages, which have also had a bear cross recently. This move could potentially make the next higher low before a move higher. Although the trend is still firmly down there is the potential of a change at this stage.

Looking closer at the chart now, the market has been making lower highs and lower lows for a while now. 30.00 was a major support low but now the red level at 44.09 is key. If the level breaks then the price could be heading back to the major lows. On the topside, however, if the price does move higher then the main level to watch is 60.00. Lastly, the volume is still pretty weak at the moment so it would be good to see a decent rise there.

Additional levels

XMR/USD

Overview
Today last price	47.1186
Today Daily Change	3.0962
Today Daily Change %	7.03
Today daily open	44.0224

Trends
Daily SMA20	42.4616
Daily SMA50	63.0182
Daily SMA100	61.7973
Daily SMA200	60.304

Levels
Previous Daily High	47.3244
Previous Daily Low	44.0224
Previous Weekly High	51.5843
Previous Weekly Low	37.6819
Previous Monthly High	96.8144
Previous Monthly Low	66.0405
Daily Fibonacci 38.2%	45.2838
Daily Fibonacci 61.8%	46.063
Daily Pivot Point S1	42.9217
Daily Pivot Point S2	41.8211
Daily Pivot Point S3	39.6197
Daily Pivot Point R1	46.2237
Daily Pivot Point R2	48.4251
Daily Pivot Point R3	49.5258

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