Monero has seen a beautiful 15% price surge this past week which has allowed the price for the coin to reach the $93.41 level. The cryptocurrency had rebounded at the start of the month around the $77 level which had sparked the small bull run higher over the next few days.
Monero remains ranked in the 10th position amongst the top cryptocurrency projects by market cap value as it presently holds a $1.60 billion market cap. The latest price increase has now allowed Monero to climb back above the 100 day and 200 day EMA’s as it looks to be back on the road to climb above $100 pretty soon.
XMR/USD - MEDIUM TERM - DAILY CHART
What Has Been Going On?
Since my last piece of analysis on Monero, we can see that the support around $77 had held which allowed XMRUSD to rebound. The market then went on to break above strong resistance around $81, $85 and $90 to reach a high of around $97.41 before rolling and dropping in today’s trading session.
This latest bull run has now allowed XMRUSD to create a higher lower and a higher which is a promising sign that we may be entering into a short term bullish trend.
Where Are We Heading Toward Next?
If the bulls can keep the bullish pressure alive and cause XMR to climb higher, we can expect immediate resistance toward the upside to be located at $98.15. This is then followed up with some strong resistance at the psychological round-number level at $100.
If the buyers can continue to drive XMRUSD above $100 we can then expect the next levels of resistance to be located at the short term 1.272 and 1.414 Fibonacci Extension levels (drawn in purple) priced at $103 and $106. Above this, more resistance follows at $109 and $110. The next level of significant resistance above $110 is found at $120 - where lies the long term bearish .618 Fibonacci Retracement level.
The RSI has broken above the 50 level which puts the bulls in charge of the market momentum which is a promising sign.
Alternatively, if the sellers do push the market lower, we can expect support at $90, $87, $85, $82 and $80.
Monero is really now on the strong foot as it continues to make its way toward $100. I believe $100 should be the next stop for XMRUSD but once breached, the coin could travel much further.