- Monero revived the uptrend after hitting support at $205
- Haveno — A DEX focused on Monero has been unveiled to trade XMR
Monero (XMR) is recording its fifth day of gains after the previous leg of the uptrend stalled on April 7 at the $278 barrier. Following massive declines to lows of $173 in late February, XMR entered into a month-long consolidation. Monero revived the uptrend after hitting support at $205 on March 25. XMR has continued its trade higher and moved in a bullish zone above the $288 level (February resistance).
Monero (XMR) is a privacy-focused currency created in 2014. XMR has a present market cap of $5.86 billion, with $822 million in trade volume over the past 24 hours. Monero edged higher in the early Monday session before paring intraday gains. As of press time, XMR was trading at $338, up 11% in the last 24 hours.
On April 8, Monero shared the official announcement of Haveno — a Monero based DEX for trading XMR for fiat and cryptocurrencies, built by Monero community members. Haveno was launched in response to calls from the community for a “native, a decentralized and private way to exchange Monero for fiat currencies and other cryptos.”
XMR/USD Daily Chart: Bullish
The XMR/USD pair traded to highs of $338 in early Monday trading. The pair is currently consolidating gains and is well-supported on the downside. However, overbought signs are improving, increasing the chances of a short-term reversal. The market’s buying appetite has driven the RSI to overbought heights of 80.
If a continuation of the uptrend and a successful climb above $338 persists, the XMR/USD pair could rally to the $350 and the $384 levels. Another step higher could push the pair beyond the $400 psychological level, setting the stage for a retest of the Jan. 2018 all-time highs at $495.
In the alternative scenario, a move lower could challenge the immediate support forming at $320 and $300 levels again. Slightly below this, the $288 barrier (now turned support), taken from February trading could attract investors’ attention before moving sharply to $243. Beneath this, a range of support is building between the $205 and $235 (MA 50) range which may put a lid to further losses.
- Supply Levels: $384, $350, $338
- Demand Levels: $288, $243, $205
All in all, XMR price needs a strong push higher to create further gains above $336 in the very short term.
