Monero price analysis: XMR/USD joined the end of week crypto rally; up 7%
- Overbought conditions send Monero towards 50% Fib level support.
- XMR buyers target $72.89 hurdle but first they must clear $70.00 resistance level.
XMR/USD has defied the market consolidation pressure to record gains above 7%. This alone, Monero has corrected higher 17%. The bullish pressure across the market on Tuesday saw the price break above the 38.2% fib level taken between the last swing high of $72.89 and a swing low of $50.25. Monero gains extended above the trendline and stepped above $70.00 before coming to a halt at $72.89.
Due to overbought conditions, Monero corrected lower below $70.00 but found a bearing at the 50% Fib level 4-hour. The 4-hour chart shows the 50 SMA and the 100 SMA carrying the weight of the uptrend since the lows formed on March 26 at $50.25.
The crypto market revived the uptrend gain on Friday with Monero spiking up above the 50% Fib level support. The price is dancing with $67.94 at press time while supported by the ascending trendline. $70.00 is the next resistance level but all eyes are set on breaking above $72.89 hurdle. The RSI is ranging slightly below the overbought to show that the bulls still have the energy to push Monero higher.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
