Monero Price Analysis: XMR has broken 60.00 and could move higher
- Monero trades 6% higher as the whole crypto space catches a bid.
- The pair also broke the psychological 60.00 level.
XMR/USD 4-hour chart
Monero has pushed 6% higher and this ensured the uptrend continued. The key event of the day was the break of the psychological 60.00 level. If this rally is sustained then the next resistance level on the upside comes at 65.00. Beyond that, the blue horizontal line at 70.00 is the next level on the upside.
Looking at the indicators, the price is now trading comfortably above the 55 and 200 moving averages. The relative strength index is now in the overbought zone which could indicate a short term pullback is on the cards. Unfortunately, the volume has not risen to records seen in the past as this would be a great confirmation of the trend. That said, the trend is still moving higher and making higher highs and higher lows so long may it continue and higher levels seem to be on the horizon.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
