Monero price analysis: XMR/USD spikes above SMA50 daily, settles above $62.00

XMR/USD explores the area above $62.00 amid upside momentum.
An important support area is created on approach to $61.50.

Monero (XMR), the 13th largest coin with the current market value of $1 billion, is one of the biggest winners among top-20 coins. XMR/USD has gained over 5.5% since the beginning of Tuesday to trade at $62.70 by press time. The coin has recovered from October 24 low of $51.16 and hit the top at $66.39 on October 26.

Monero’s technical picture

XMR/USD bulls took the price above a critical resistance of $61.50 created by a confluence of SMA50 (Simple Moving Average) and the upper line of the Bollinger Band on a daily chart. This development allowed for an extended upside movement towards $62.00 and opened up the way to the next strong barrier of $66.39 (October 26 high). Once it is out of the way, the bullish momentum is likely to gain traction with the next focus on psychological $70.00 and $71.50 (SMA100 daily).

On the downside, initial support is created by the above-said SMA50 at $61.50, with the next strong barrier located on the approach to psychological $60.00. Once it is out of the way, the downside is likely to gain traction with the next focus on $56.00 ( the middle line of the Bollinger Band on a daily chart).

XMR/USD, the daily chart

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