Monero price analysis: XMR/USD engages forward gears, up 4% on the day, eyes glued on $130

• Monero announces an Outreach team consisting of three individuals.
• XMR/USD embraces support at $120, while immediate resistance is at $126.00.

Monero price is currently recovering from a trip downstream amid rough waters. The second week of July has witnessed cryptocurrencies drown in selling activity. XMR/USD tanked smashing through the support levels at $136.00 and $132.00. The price, however, managed to find a support marginally above $120.

Monero has announced an outreach program that is being led by a team of three individuals. The Monero Outreach team describes itself as a “team of primarily creators and writers. The three people taking the lead in overseeing different aspects of the workgroup and related projects.” The mandate of the team is to ensure the adoption of Monero as well as create awareness on the various outreach programs run by the network.

In the meantime, Monero price is currently battling to break the resistance at the 23.6% Fib retracement level with the previous swing high of $144.90 and a swing low of $108.5 close to $126. The 50 SMA crossed above the longer term 100 SMA at $138.00, signaling that higher consolidation is expected in the short-term. Other technical indicators are also showing bullish signals for XMR/USD in the near-term according to the chart.

XMR/USD 1-hour chart