Ken Chigbo
Independent Analyst
- $300 will be a very key price for XMR/USD, depending on reaction to price, will be defining for the short-term.
- Bulls will likely eye records highs of $475, should there be a breach, rejection could see Monero back at $158 for support.
The Monero price is one of the outperformers in the session on Monday, holding decent gains of 6%, as the price pushes ever closer to key resistance seen at $300. Depending on how XMR/USD reacts to the trend line, of which forms a large pennant pattern, will be defining for short-term direction.
Since 11th April, the direction of Monero has been firmly to the upside, bulls have been well in control of the crypto. XMR/USD has gained around 80%, rallying from lows of $158 up to current highs as of Monday, at $285.
Technically, XMR/USD is heading towards the upper trend line, that forms a very large bullish pennant pattern, the line is tracking at $300, where the price will either breakthrough or be knocked back down, potentially at some force, as proven. Should the bulls gather enough momentum, it would not be surprising to see the record highs of Monero at $475 broken. Rejection at $300, could send XMR/USD back down to $158, making a 100% retracement of the current bull run.
XMR/USD daily chart
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