After the historic fall in the price of Cryptocurrencies on March 12, when the Monero fell to $24.05, it was able to rise 95% and is currently trading at $47.
According to CoinTelegraph, the recent rise in price volumes has been very steady and the stock has spent the past 10 days on an uptrend channel.
At the time of writing, Monero’s stock is lagging slightly after reaching the channel’s main resistance, which was $50.96. But the pattern of price increases has remained unchanged since March 20.
Following the recent price drop, Monerohas lost $49.23 support, and now the $47 support that is the mid-channel of the uptrend channel and the 20-day moving average crossing is still on the verge of breaking. In the event of losing this support, Monero will be backed up at $45.54 and then $ 41.39. Although this support is below the bullish channel support line, however, it can see a heavy buy-in volume based on VPVR (an indicator to measure market activity at a particular price).
Monero has to cross the $51 mark to continue its climb, which can be a major challenge. But if this resistance breaks, the next level will be $54.
This pen has also performed well compared to bitcoin. Following the decline of the XMR/BTC (Monero to Bitcoin) at 0.006134 Bitcoin, the pair has recovered 28% of its price and traded at 0.007412 Bitcoin. The current support is at 0.007220 Bitcoin. The support for 0.007220 Bitcoin is very strong, as it is at a crossing with the 200-day moving average, the Fibonacci retracement level of 38.2%, as well as a place to buy volume according to the VPVR index.
If the Fibonacci retracement level 38.2 is broken, the next support will be at prices of 0.007011 and 0.006972 Bitcoin, which is precisely the intersection of the Bollinger Bond moving average and the Fibonacci retracement level of 61.8%.
If the pair can break the 0.007479 Bitcoin resistance, then the next resistance will be at the upper floor of 0.008091. But before attempting to reach this price, Monero will need to test the Fibonacci retracement level of 38.2% again, with the flooring ranging from 0.007300 to 0.007473.