- The currency is in a general upward trend and is recording over 13% increase in value.
- If the bullish pressure goes down and the bears take over, the price could break below the $200 level while the next stop is at $180.
Monero price is in an upside roll on Monday after a weekend of toiling for the most of the weekend trading. Monero was among the most significant losers in the cryptocurrency market last week where prices dropped to lows of $173. The currency is in a general upward trend and is recording over 13% increase in value.
On the other hand, the announcement from the social media platform, Twitter that it will be joining its counterparts like Facebook and Google in banning cryptocurrency adverts, has not negatively affected the prices of cryptocurrencies as most of them are in green. The cryptocurrency adverts to be banned will also include Initial Coin Offerings (ICOS) and other crypto related adverts. The ban has been scheduled to take effect after two weeks. The details have not been shared, and maybe the price will react after the prohibition commences.
Monero price is trading above the moving averages. For instance, the 100-SMA and the 200-SMA are narrowing the gap between them to indicate a possible sustained upside momentum. Consequently, the two moving averages crisscross at $210 level to show that XMR/USD will consolidate above $200. The immediate support level of Monero is at $200 level. If the bullish pressure goes down and the bears take over, the price could break below the $200 level while the next stop is at $180. On the upside, the short-term resistance level is at $214, which also a critical barrier to the upside gains. Monero price will need to break above this level to record price increase towards the major resistance level at $220.
XMR/USD price chart
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