- Monero breaks above $60.00 and gains nearly 12% in recent 24 hours.
- More upside to come with a focus on $70.00.
Monero (XMR), now the 13th largest digital asset with a market value of $1B and an average daily trading volume of $129B, has gained nearly 12% on recent 12 hours, amid global cryptocurrency market recovery. The coin is also one of the biggest winners of the week with 25% of gains.
Looking at the chart, Monero has been moving within an upside trend since March 5. XMR/USD touched $67.67 high during Asian hours before settling down at $65.22 by the time of writing.
A strong move above $60.00 handle bodes well for Monero bulls. Strong upside momentum and a “Three White Soldiers” pattern on a daily chart signal that the coin has a good bullish potential.
The first strong barrier is created by $69.80-$70.00 area strengthened by DMA200. Once in tis out of the way, the upside may be extended towards $81.10, which will close the price gap created in November 2018.
On the downside, the local resistance is created by psychological $60.00 and $59.55 (intraday low). A move lower will push the price towards $51.55 (DMA50). It is followed by critical $50.00 barrier and DMA100 at $49.38.
XMR/USD, 1D chart
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