Monero Price Analysis: XMR/USD jumps above daily SMA200, $63.00 within reach

Monero is the biggest winner of the day out of top-20.
XMR/USD may hit $63.00 if the bullish momentum is sustained.

Tanya Abrosimova Independent Analyst

Monero (XMR) is one of the best-performing cryptocurrencies out of top-20 on Thursday. The coin has gained 6% since the beginning of the day and hit the intraday high at $61.61. Monero is the 14th largest digital asset with the market capitalization of $1 billion and an average daily trading volume of $117 million.

XMR/USD: Technical picture

As the fundamental reasons of the strong bullish rally are not readily available, the price may be influenced by a combination of generally positive sentiments and technical factors. Thus, XMR/USD moved above daily SMA200 located on the approach to $60.00. and 1-hour SMA100 at $60.60. This development increased the bullish momentum and pushed the price towards the intraday high.

The next resistance is created by daily SMA100 at $62.00. Once it is out of the way, the upside is likely to gain traction with the next focus on 1-hour SMA200 at $62.60 and $63.00.

XMR/USD 1-hour chart

Author

Tanya Abrosimova

Independent Analyst

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XMR/USD: Technical picture

XMR/USD 1-hour chart

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