Bitcoin Price Consolidates-Monero (XMR) Surged 99.5% Quietly


March 27, 2020 2:22 pm

Bitcoin Price Consolidates Monero (XMR) Surged 99.5% Quietly
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After dropping to $24.05 during the strong marketwide correction that happened on March 12, Monero (XMR) has surged 99.5% and currently trading at $49.

The new restoration occurred on consistently influential procuring volume and the altcoin has spent the last 10 days trading in an ascending channel.

XMR USDT 4-hour chart. Source: TradingView

Here, the XMR/USDT pair has drawn back slightly after reaching the main trendline of the ascending channel at $50.96 but the pattern of higher lows has rested intact since March 20 even as pullbacks transpire. 

In the matter of a pullback, there is help at $49.23 and $47 where the ascending channel midpoint and 20-MA are located. Under the 20-MA XMR should find support at $45.45 and $41.39 which is beneath the ascending channel but also next to a high volume node on the VPVR. At present, XMR bearing strike at $51 and driving through this level could be a hurdle, though the next point will then be $54. 

Monero (XMR) and Bitcoin (BTC)

XMR BTC daily chart. Source: TradingView

The altcoin has also played well in it’s Bitcoin (BTC) pair, overcoming 28% after dropping to 0.006134 satoshis. The XMR/BTC pair is finding support at 0.007220 satoshis currently, a point that aligns with the 200-MA, 38.2% Fibonacci retracement level and a high volume node on the volume profile visible range.

If XMR falls below the 38.2% Fib retracement, traders will expect for assistance at 0.007011 sats, followed by 0.006972 sats which is valid at the Bollinger Band moving average and the 61.8% Fibonacci retracement level.

XMR BTC 4-hour chart. Source: TradingView

In case the XMR/BTC pair can pull over 0.007479 sats the price will seem to set a higher high above 0.008091. Before making this effort XMR could retest the 38.2% Fib retracement and link between 0.007300 and 0.007473 sats before obtaining an attempt growing above 0.007586 sats.

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