Traders have taken notice of Monero’s 99.5% gain since the altcoin dropped to a new 2020 low during the March 12 crypto market meltdown.
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. 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. Source: TradingView
The altcoin has also performed well in it’s Bitcoin (BTC) pair, recovering 28% since dropping to 0.006134 satoshis. Currently the XMR/BTC pair is finding support at 0.007220 satoshis, a point that aligns with the 200-MA, 38.2% Fibonacci retracement level and a high volume node on the volume profile visible range.
If XMR drops below the 38.2% Fib retracement, traders will look for support at 0.007011 sats, followed by 0.006972 sats which is right at the Bollinger Band moving average and the 61.8% Fibonacci retracement level.
XMR BTC 4-hour chart. Source: TradingView
If the XMR/BTC pair can pull above 0.007479 sats the price will look to set a higher high above 0.008091. Prior to making this attempt XMR could retest the 38.2% Fib retracement and consolidate between 0.007300 and 0.007473 sats before making an attempt pulling above 0.007586 sats.
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