Monero Price Analysis – XMR Sees Further Strong 9% Gain Today And Breaks a Crucial Resistance

Key Highlights:

  • Monero increased by a further 9% over the past 24 hours of trading as the cryptocurrency rises as high as $55.
  • The cryptocurrency recently broke above crucial resistance at $51.67 but we still need to wait for a close of the candle to confirm the break.
  • Monero also broke above crucial resistance at ₿0.0076 today but, again, we should wait for a closing candle to confirm the push higher.
Monero price: $54
Key XMR resistance levels: $56, $60, $63, $68, $69, $70
Key XMR support levels: $48, $44.45, $40, $38.57, $36

*Price at the time of writing

Monero saw an impressive 9% price increase over the last 24 hours of trading as the cryptocurrency manages to rise past $52 and reach as high as $55. It has since dropped slightly to trade at $53.20.

This latest price increase has now pushed XMR above crucial resistance at $51.68 which is provided by a bearish .382 Fibonacci retracement level. However, we need to wait for the candle to close today to confirm the breakout above.

Monero has been on a tear this week after it managed to increase by over 25% throughout the past 5-days after rebounding from support at a rising trend line. Rumors that governments are tracking the public’s phones in countries like Israel are leading to another privacy row. If the government can track our phones without our permission what else can they do?

This has caused a surge in privacy coins and Monero is obviously the leader of the pack.

Monero has also surged against Bitcoin as it managed to rebound from the ₿0.0072 level to climb as high as the ₿0.0077 level today. This price increase has also pushed XMR/BTC above crucial resistance at ₿0.0076 but we still should wait for a close to confirm this breakout.

Monero remains ranked in the 13th position as it currently holds a market cap valuation of around $937 million.

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Monero Coin Price Analysis

What has been going on?

Since our last analysis, we can see that XMR went on to roll over at the previously highlighted resistance at $51.67. This resistance is provided by a bearish .382 Fibonacci Retracement level that is measured from the February high to the March low. 

After reversing at this level, the cryptocurrency went on to fall into support at $44 where it rebounded from additional support at a rising trend line.

Since rebounding from this trend line, Monero has been on an absolute tear and has increased by a total of over 24% this week. The latest 9% price increase has now allowed Monero to rise above the resistance at the bearish .382 Fib Retracement as it climbs to the $55 level. 

Monero price short term prediction: Neutral/Bullish

Although Monero is still neutral, we could actually start to consider it as bullish in the short term if it manages to break and close above the $55 resistance level. It would still need to climb higher above $70 to confirm a longer termed trend but a break above $55 would certainly show some bullish pressure.

Monero would need to drop beneath $44 before we can start to consider it as bearish again.

If the sellers do push the market lower, the irst level of support is located at $51.68. Beneath this, support is expected at $50, $48, and then at the rising trend line.

If XMR falls beneath the rising trend line, support can be found at $44.45, $40, $38.57, $36, $21.85, and $30.

Where is the resistance towards the upside?

On the other hand, if the buyers continue to drive higher, the first level of resitance is located at $55. Above this, resistance lies at $60 (bearish .5 Fibonacci Retracement level), $63.44 (1.414 Fib Extension), and $68.40 (bearish .618 Fibonacci Retracement level).

If the bulls can continue to drive above $70, higher resistance lies at $72, $76, and $80 (bearish .786 Fibonacci Retracement level).

What are the technical indicators showing?

The RSI is well above the 50 level to show that the buyers are in charge of the market momentum. If it can continue to rise, we can certainly expect XMR to breach $55 and head toward $60 at some point in the near future.

XMR/BTC Chart

What has been going on?

XMR fell lower from the resistance at ₿0.0076 since our last analysis. The cryptocurrency went on to drop into ₿0.0073 where it found support and managed to rebound higher.

Over the past couple of days, Monero has increased substantially and has managed to rise and break above the previous resistance at ₿0.0076. The resistance here is provided by a bearish .5 Fibonacci Retracement level that is measured from the Feb high to the March low.

Monero price short term prediction: Neutral/Bullish

If XMR can close above the ₿0.0076 level we could consider the market to be bullish. It would need to drop much lower and break beneath ₿0.0072 to be considered as bearish.

If the sellers do step in, we can expect support at ₿0.0076, ₿0.0074, ₿0.0072, anf ₿0.007 (short term .5 Fib Retracement). This is followed with support at ₿0.0068 (short term .618 Fib Retracement), and ₿0.0066.

Where is the resistance towards the upside?

On the other hand, the first level of resistance to break above now is located at ₿0.00778. Above this, resistance lies at ₿0.008 (bearish .618 Fib Retracement), ₿0.0082 (1.414 Fib Extension), ₿0.0084, and ₿0.0085 (1.618 Fib Extension).

If the buyers continue higher, additional resistance is located at ₿0.00885 (bearish .886 Fib Retracement) and ₿0.0090.

Previous XMR analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s our most recent article about the price of Monero: