Monero (XMR) Breaks Into The Top 10 Cryptos As Price Soars 5% In A Day

Lujan Odera Price Analysis published January 7, 2020 | modified January 14, 2020

Monero (XMR) Breaks Into The Top 10 Cryptos As Price Soars 5% In A Day

  • XMR/USD soars 5.14% in the past 24 hours.
  • Failed breakout signals a possible reversal towards key support at $52.00 USD.

The past 72 hours has been a revelation in the cryptocurrency field as the top digital assets gained handsomely showing possible signals of a bullish breakout in the coming days. Monero (XMR), a privacy coin, breached into the top 10 largest cryptocurrencies list on Coinmarketcap after soaring 4.71% in the past 24 hours. The total market capitalization of XMR stands at $1,012,495,092 USD, as at time of writing.

XMR/USD soars 5% as market capitalization tops $1 billion

Monero breached into the top 10 coins passing Stellar (XLM), Cardano (ADA) and Tezos (XTZ) over the past 24 hours to reclaim the number 10 position. At time of writing, XMR is changing hands at $57.01 USD, a slight reversal from intraday highs of $60.16 USD on Bitfinex exchange.  XRM/USD closed on the whisker of the $60 USD psychological resistance after an impressive run from $50.00 USD just 48 hours ago.

Image (TradingView)

The daily RSI is easing after a meteoric rise to overbought levels currently oscillating at 64.58 with a bearish trajectory on hand. This signals a possible bearish move for the privacy coin in the near term. Can bulls keep price above key support at $52.00 USD?

Failed breakout signals possible dip to $52.00 USD

After a consecutive three days in the green, XMR bulls lost strength at the most crucial moment as the price failed to break resistance at $60.50 USD leading to a pushback to current price levels.

A failure to restore the bullish momentum towards the resistance level will signal an end of the short term bullish trend, with bears set to push the price towards the middle Bollinger Band (BB) which provides near term support at $47.50 USD.

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Lujan Odera 388 Articles
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.
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