Monero price analysis: XMR/USD jumps over 5% on the day, the Bulls intensify their grip

• The 23.6% Fibo will support the price at $124, but other support areas are $122 and $115.
• The majority of Monero trading takes place on HitBTC exchange with 25.38% in the last 24 hours.

Monero price is the shining star in the market among the top 20 digital assets. It has also recovered from an 8-months low slightly above $100. XMR/USD is up over 5% on Monday and has broken above the resistance at $122. The price tested the key resistance level at $130 but lacked enough momentum to overcome the sellers’ influence.

There is an immediate support that has been formed at $126, besides there is a bullish trend in progress on the chart. The ascending trendline will also prevent the gains at $130, which also means that this level is a significant hurdle to the upside movement.

On the downside, if the immediate support at $126 does not stand its ground, the 23.6% Fib retracement level with the last swing high of $128.6 and a $107.8 low will offer support around $124. Other support areas include $122 and $115 respectively. Trend indicators like the moving averages and the stochastic are showing the presence of strong bullish momentum in the short-term.

Monero is ranked the 13^th cryptocurrency and has a market capitalization of $2,064,293,197 according to CoinMarketCap. The trading volume has also increased significantly from $33,435,900 to $43,806,700 at the time of writing. The majority of Monero trading takes place on HitBTC exchange with 25.38% in the last 24 hours while Binance comes second at 12.57%

XMR/USD 30′ chart