Monero XLM Rallied 99.5% As Bitcoin’s Price Consolidated
Monero XLM rallied by 99.5 percent right after Bitcoin’s price consolidated. Monero previously dropped to $24.05 during the major market correction which occurred in the middle of March. Ever since Monero XLM rallied and is now trading at $45 so what does the future of Monero XMR hold? Let’s find out in the Monero news below.
The recent price recovery happened during the strong purchase volume and the altcoin even spent the past two weeks trading in an ascending channel. At the time of writing, the XMR/USDT pair pullback shortly after reaching the main trendline of the ascending channel at $49 but the pattern of higher lows remains intact since March 20 as pullbacks occur. If another pullback happens, there is a support at $49 and $47 where the ascending channel and the 20-MA are situated.
Below the 20MA XMR could find support at $45 and $41 which is below the ascending channel but it is also close to the high volume node on the VPVR. Currently, the future of monero XMR looks like another resistance of $51 could be achieved while pushing through this level could become a huge challenge and the next target will then be $54. The altcoin also performed quite well in the Bitcoin pair and recovered by 28 percent since dropping to 0.0061 satoshis. Currently, the XMR/BTC pair is looking for another support at 0.007220 satoshis which is a point that aligns with the 200MA, 38 percent Fibonacci retracement level and a high volume node that is visible in the profile range.
If Monero’s XMR drops below the 38% Fib retracement, all of the trades will try to find support at 0.007011 sats followed by the 0.0069 sats which is the perfect place according to the Bollinger band moving average and the 61% Fibonacci retracement level. If the XMR/BTC pair manages to pull above 0.0074 sats, the future of monero XMR could set a higher high above 0.008091. Before this level, XMR could even retest the 38 percent and consolidate between 0.007300 before making an attempt pulling above 0.0075 sats.
Monero (XMR) is currently on the 12th position with minimal daily gains. The top altcoin to watch out for in terms of gains today is Binance Coin (BNB), which posted a 6% increase overnight.
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