- XMR/USD recovered from the recent low.
- Monero bulls need to take the price above $97.00
Monero (XMR) is in the green zone, gaining over 4% of its value on a day-on-day basis. Monero, now the 10th largest digital asset with the current market value of $1.6 billion is changing hands at $95.50 at the time of writing. The coin hit an intraday bottom at $94.14 and has been growing steadily ever since.
Monero’s technical picture
On the intraday basis, XMR/USD is well-supported by $94.00 handle, strengthened by the intraday low. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $93.50. This barrier is created by SMA50 (Simple Moving Average) 1-hour and the middle line of 4-hour Bollinger Band.
The local recovery awaits us at psychological $97.00 followed by the upper line of 4-hour Bollinger Band at $97.20. The next resistance is created by the 50% Fibonacci retracement level for last downside move from $98.35 to $72.01.
XRP/USD, 4-hour chart
Image Sourced by Pixabay