RATE Group | Monero (XMR) Quietly Gains 99.5% as Bitcoin Price Consolidates
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Monero (XMR) Quietly Gains 99.5% as Bitcoin Price Consolidates

27 Mar Monero (XMR) Quietly Gains 99.5% as Bitcoin Price Consolidates

Posted at 09:21h in Bitcoin News by

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Since dropping to $24.05 during the strong marketwide correction that occurred on March 12, Monero (XMR) has rallied 99.5% and currently trades at $49. 

The recent recovery occurred on consistently strong purchasing volume and the altcoin has spent the last 10 days trading in an ascending channel. 

XMR USDT 4-hour chart

XMR USDT 4-hour chart. Source: TradingView

At the time of writing the XMR/USDT pair has pulled back slightly after touching the main trendline of the ascending channel at $50.96 but the pattern of higher lows has remained intact since March 20 even as pullbacks occur. 

In the event of a pullback, there is support at $49.23 and $47 where the ascending channel midpoint and 20-MA are situated. Below the 20-MA XMR should find support at $45.45 and $41.39 which is below the ascending channel but also next to a high volume node on the VPVR. 

Currently, XMR facing resistance at $51 and pushing through this level could be a challenge, though the next target will then be $54. 

XMR/BTC

XMR BTC daily chart

XMR BTC…

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