Monero price tested the $62.00-63.00 support area and bounced back. XMR is trading with a positive bias and it could start a strong upward move if it clears the $70.00 resistance area.
- Monero price rebounded above $66.00 after testing the $63.00 support area.
- There is a key bearish trend line formed with resistance near the $70.00 level on the 2-hours chart.
- XMR could start a strong uptrend if it clears $70.00 and $70.50 in the near term.
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Monero Price Analysis (XMR To USD)
After struggling once again near the $72.00 area, there was a fresh drop in monero below the $70.00 and $68.00 support levels. XMR tested the main support area near $62.00-63.00 and recently rebounded above the $65.00 level.
Click to Enlarge Chart
Looking at the 2-hours chart of XMR/USD, the pair traded as low as $63.62 and jumped back above the $67.00 resistance plus the 25 simple moving average (2-hours).
The crypto market added more than $5 billion in the past three sessions, pushing bitcoin, Ethereum, ripple, cardano, bitcoin cash, EOS and others higher. Monero too gained traction and spiked above the $70.00 level.
However, the bulls failed to retain strength and the price retreated after setting a high at $70.58. It dipped below the $69.00 level and the 23.6% Fib retracement level of the recent wave from the $63.62 low to $70.58 high.
However, there is a strong support on the downside near the $67.00 level. The 50% Fib retracement level of the recent wave from the $63.62 low to $70.58 high is also close to the $67.00 level. Therefore, dips towards the $67.00 level remains well supported and the price is likely to bounce back.
On the upside, there is a key barrier forming near $70.00-70.50. Besides, there is a key bearish trend line formed with resistance near the $70.00 level. A successful close above the trend line and $70.50 might push XMR price towards the $72.00 and $72.90 resistance levels.
The overall price action is positive and it seems like monero could make an attempt to climb above the $70.00 and $72.00 resistance levels in the near term.
The market data is provided by TradingView, Bitfinex.
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