- Monero is the best performing cryptocurrency out of top-20.
- The key resistance is created by $110.00 handle.
Monero (XMR), the 14th largest cryptocurrency with the current market capitalization of $1.8 billion and an average trading volume of $180 million, is the best-performing digital asset out of top-20. The coin has gained nearly 7% since this time on Thursday and registered an over 20% of gains in the recent seven days. At the time of writing, XMR/USD is changing hands at $106.95, off the recent high of $108.90.
Monero’s technical picture
Strong support for XMR/USD is created by $102.00 (Simple Moving Average (SMA)50 on 1-hour timeframe, followed by psychological $100.00 with SMA100 (1-hour) located marginally below. This area is likely to stop the sell-off for the time being. However, once it is out of the way, the downside momentum will gain traction and take the price towards the next bearish aim at $96.00 (SMA200 1-hour).
On the upside, the first barrier is created by $108.00 and the recent high of $108.90. A sustainable move above this handle will open up the way towards the next bullish aim of 110.00. This is the highest level since November 2018. Meanwhile, the ultimate long-term goal awaits at $134.60 – SMA100 weekly.