The latest altcoin news show that there are a lot of altcoins struggling to reach their full potential in these risky times. However, XMR is not one of them – Monero has gained even 99.5% very silently and went from trading at $24 on March 12 to a new level at $50 in the news today.
The recent recovery occurred because of strong purchasing volume as the altcoin spent the last 10 days trading with gains and initiating an ascending channel. At the time of writing, the XMR/USDT pair is pulling higher after touching the main trend line of its ascending channel at $50.96 and making the gains more than 100% in less than 3 weeks.
Monero has gained pretty much lately. The cryptocurrency has doubled and the Monero news now show that in the event of a pullback, there is still support located at $49.23 and $47 where the ascending channel midpoint and the 20-MA are situated. Below the 20-MA, XMR should find support at $45 and $41 which are now seen as its support levels below the ascending channel.
Currently, Monero is facing resistance at $51 and pushing through this level could be a true challenge. However, analysts predict that the next target will be the $54 price point. The altcoin also performed well with the Bitcoin pair. XMR/BTC has shown a massive recovery of 28% since dropping to 0.006134 satoshis. Currently, the XMR/BTC pair is finding support at 0.007220 satoshis – a point which aligns with the 200-MA, the 38.2% Fibonacci retracement level and a high volume node on the volume profile visible range (VPVR).
So, if XMR drops below the 38.2% Fib retracement, traders will definitely look for support at 0.007011 sats, followed by the 0.006972 level which is right at the Bollinger Band moving average and the 61.8% Fibonacci retracement levels.
Monero has gained a lot this month and we can see that March has been good for the XMR altcoin. If the XMR/BTC pair can pull above 0.007479 and the price of XMR in US dollars goes over $55, we could see a new bullish run which may also trigger other altcoins and influence the market in a positive way.
Monero (XMR) is currently on the 12th position with minimal daily gains. The top altcoin to watch out for in terms of gains today is Binance Coin (BNB), which posted a 6% increase overnight.
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