50.00 is the next target for the bulls

Fibo Quantum

  • Monero is trading nearly 7% higher on Monday following a drop over the weekend.
  • 50.00 is the next target to the upside and it has been breached fairly recently.

XMR/USD daily chart

Monero is pulling back after the fall over the weekend and looks like it may test the 50.00 area. On the bearish side, the price is trading under the 55 and 200 moving averages, which have also had a bear cross recently. This move could potentially make the next higher low before a move higher. Although the trend is still firmly down there is the potential of a change at this stage.

Looking closer at the chart now, the market has been making lower highs and lower lows for a while now. 30.00 was a major support low but now the red level at 44.09 is key. If the level breaks then the price could be heading back to the major lows. On the topside, however, if the price does move higher then the main level to watch is 60.00. Lastly, the volume is still pretty weak at the moment so it would be good to see a decent rise there.

Additional levels