Monero price rallied recently and broke the $56.00 and $58.00 resistance levels. XMR is placed nicely in an uptrend and it could continue to rise versus the US dollar and bitcoin.
- Monero price broke the crucial $55.50 resistance to move into a bullish zone.
- There is a major bullish trend line in place with support near the $56.50 level on the 2-hours chart.
- XMR could correct in the short term, but it is likely to resume its upside above $60.00.
Monero Price Analysis (XMR To USD)
The crypto market (bitcoin, Ethereum, ripple, cardano, bitcoin cash, EOS and others) gained bullish momentum in the past few days. Monero buyers too came into action and the price recently surged by more than 8%.
Click to Enlarge Chart
Looking at the 2-hours chart of XMR/USD, the pair formed a strong support above the $52.50 level. Later, it gained traction and broke the $54.50 resistance and a short-term bearish trend line.
It opened the doors for more upsides and the price broke the crucial $55.50 resistance to move into a bullish zone. There was a close above $55.50 and the 25 simple moving average (2-hours), resulting in a sharp rally above the $56.00 and $58.00 resistance levels.
The price traded close to the $59.50 level and a new monthly high was formed at $59.38. At present, the price is consolidating gains, with an initial support near the $58.00 level and the 23.6% Fib retracement level of the recent wave from the $53.85 low to $59.38 high.
The next key support is near the $57.50 level, below which the price could test the $56.60 support. It coincides with the 50% Fib retracement level of the recent wave from the $53.85 low to $59.38 high.
There is also a major bullish trend line in place with support near the $56.50 level on the same chart. If there is an extended decline, the previous hurdle near $55.50 and the 25 simple moving average (2-hours) are likely to act as strong supports.
To the topside, an initial resistance is near the $59.50 level, above which monero price is likely to accelerate above the $60.00 level. The next key resistance for XMR buyers is near $62.50.
The market data is provided by TradingView, Bitfinex.
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