Traders have taken notice of Monero’s 99.5% gain since the altcoin dropped to a new 2020 low during the March 12 crypto market meltdown.
Since dropping to $24.05 during the strong marketwide correction that occurred on March 12, Monero (XMR) has rallied 99.5% and currently trades at $49.
The recent recovery occurred on consistently strong purchasing volume and the altcoin has spent the last 10 days trading in an ascending channel.
XMR USDT 4-hour chart. Source: TradingView
At the time of writing the XMR/USDT pair has pulled back slightly after touching the main trendline of the ascending channel at $50.96 but the pattern of higher lows has remained intact since March 20 even as pullbacks occur.
In the event of a pullback, there is support at $49.23 and $47 where the ascending channel midpoint and 20-MA are situated. Below the 20-MA XMR should find support at $45.45 and $41.39 which is below the ascending channel but also next to a high volume node on the VPVR.
Currently, XMR facing resistance at $51 and pushing through this level could be a challenge, though the next target will then be $54.
XMR BTC daily chart. Source: TradingView
The altcoin has also performed well in it’s Bitcoin (BTC) pair, recovering 28% since dropping to 0.006134 satoshis. Currently the XMR/BTC pair is finding support at 0.007220 satoshis, a point that aligns with the 200-MA, 38.2% Fibonacci retracement level and a high volume node on the volume profile visible range.
If XMR drops below the 38.2% Fib retracement, traders will look for support at 0.007011 sats, followed by 0.006972 sats which is right at the Bollinger Band moving average and the 61.8% Fibonacci retracement level.
XMR BTC 4-hour chart. Source: TradingView
If the XMR/BTC pair can pull above 0.007479 sats the price will look to set a higher high above 0.008091. Prior to making this attempt XMR could retest the 38.2% Fib retracement and consolidate between 0.007300 and 0.007473 sats before making an attempt pulling above 0.007586 sats.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Source: , CoinTelegraph
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