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Monero (XMR) Price Prediction: Further Gains Above $75 Seems Likely

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Monero price surged past the $65.00 resistance and tested the $73.00 level. XMR is currently correcting lower, but it is likely to regain bid tone versus the US dollar and bitcoin in the coming sessions.

  • Monero price moved into a bullish zone with a close above the $65.00 resistance.
  • There is a key bullish trend line formed with support near the $67.00 level on the 2-hours chart.
  • XMR could correct lower, but it remains supported on dips for more gains above $73.00.

Monero Price

Monero Price Analysis (XMR To USD)

In the last analysis, we discussed the chances of monero price rallying above the $60.00 level. XMR did surge higher and break the $60.00 and $65.00 resistance levels this past week due to sharp gains in the crypto market (bitcoin, Ethereum, ripple, cardano, bitcoin cash, EOS and others).

Monero Price Analysis XMR Chart

Click to Enlarge Chart

Looking at the 2-hours chart of XMR/USD, the pair broke the $55.00 resistance area to move into a strong uptrend. Buyers gained traction and cleared the $60.00 and $65.00 resistance levels. There was even a close above the $65.00 level and the 25 simple moving average (2-hours).

The price even broke the $70.00 level and traded towards the $73.00 level. Later, there was a downside correction below the $70.00 and $65.00 levels However, the $62.00 support area held losses and later the price bounced back above $65.00.

Today, the price gained more than 4% and broke the $70.00 resistance again. It even climbed above the previous swing high and traded to a new 2019 high at $73.00.

At the moment, the price is correcting lower and traded below the 23.6% Fib retracement level of the recent wave from the $62.25 low to $73.00 high. On the downside, there are many supports near the $68.00 and $67.00 levels.

There is also a key bullish trend line formed with support near the $67.00 level on the 2-hours chart. The trend line coincides with the 50% Fib retracement level of the recent wave from the $62.25 low to $73.00 high.

Therefore, if monero price dips further, it is likely to find buyers near the $67.00 level. The next key support is at $65.000 if XMR buyers fail to hold $67.00. On the upside, a break above the $73.00 swing high will most likely clear the path for a test of the $80.00 level.

The market data is provided by TradingView, Bitfinex.

The post Monero (XMR) Price Prediction: Further Gains Above $75 Seems Likely appeared first on Blockonomi.

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