Monero price surged past the $65.00 resistance and tested the $73.00 level. XMR is currently correcting lower, but it is likely to regain bid tone versus the US dollar and bitcoin in the coming sessions.
- Monero price moved into a bullish zone with a close above the $65.00 resistance.
- There is a key bullish trend line formed with support near the $67.00 level on the 2-hours chart.
- XMR could correct lower, but it remains supported on dips for more gains above $73.00.
Monero Price Analysis (XMR To USD)
In the last analysis, we discussed the chances of monero price rallying above the $60.00 level. XMR did surge higher and break the $60.00 and $65.00 resistance levels this past week due to sharp gains in the crypto market (bitcoin, Ethereum, ripple, cardano, bitcoin cash, EOS and others).
Click to Enlarge Chart
Looking at the 2-hours chart of XMR/USD, the pair broke the $55.00 resistance area to move into a strong uptrend. Buyers gained traction and cleared the $60.00 and $65.00 resistance levels. There was even a close above the $65.00 level and the 25 simple moving average (2-hours).
The price even broke the $70.00 level and traded towards the $73.00 level. Later, there was a downside correction below the $70.00 and $65.00 levels However, the $62.00 support area held losses and later the price bounced back above $65.00.
Today, the price gained more than 4% and broke the $70.00 resistance again. It even climbed above the previous swing high and traded to a new 2019 high at $73.00.
At the moment, the price is correcting lower and traded below the 23.6% Fib retracement level of the recent wave from the $62.25 low to $73.00 high. On the downside, there are many supports near the $68.00 and $67.00 levels.
There is also a key bullish trend line formed with support near the $67.00 level on the 2-hours chart. The trend line coincides with the 50% Fib retracement level of the recent wave from the $62.25 low to $73.00 high.
Therefore, if monero price dips further, it is likely to find buyers near the $67.00 level. The next key support is at $65.000 if XMR buyers fail to hold $67.00. On the upside, a break above the $73.00 swing high will most likely clear the path for a test of the $80.00 level.
The market data is provided by TradingView, Bitfinex.