- Monero saw a 10% price increase over the past 24 hours of trading as it makes its way back to the $50 level.
- The cryptocurrency found support at $32 during the market capitulation which allowed it to rebound higher.
Monero is the highest performing coin today out of the top 20 ranked cryptocurrency projects as it sees a 10% price increase to reach $50. The cryptocurrency found strong support at $32 during the market capitulation and started to increase over the past week of trading.
The latest price increase has largely been attributed to the fact that governments are using mobile private data to track potential Coronavirus carriers sparking a fresh wave for the need for privacy, something that Monero delivers with on a financial side. The team also released a new update recently to help the price hike.
Monero Price Analysis
XMR/USD – Daily CHART – SHORT TERM
Taking a look at the daily chart above, we can see that XMR managed to find support at $31.85 during the recent March market collapse. After rebounding, it stalled at $38.40 for a few days and then at $44.60 for a few more days.
It broke the $44.60 resistance level three days ago and started to climb higher today to reach the resistance at $53.44. This resistance is provided by a bearish .382 Fibonacci Retracement level that is measured from the February high to the March low.
Short term prediction: NEUTRAL
Although Monero is increasing, we are still not bullish. The cryptocurrency would still need to break above the March highs at around $70 before we can call a bullish condition.
If the buyers continue to climb higher, the will firstly need to break the resistance at $53.44. Above this, resistance lies at $56 and $60. Beyond $60, additional resistance is expected at $62 (bearish .5 Fib Retracement & 1.272 Fib Extension), $66.50 (1.414 Fib Extension), and $70.63 (bearish .618 Fibonacci Retracement level).
Toward the downside, support can be found at $44.60. Beneath this, support lies at $40, $38.40, $35, $31.85, and $29.67.
Support: $44.60, $40, $38, $35, $31.85, $29.67
Resistance: $53.44, $56, $60, $62, $66.51, $70, $72.
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Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.