Monero (XMR) Attempts To Break Out Of A Significant Contracting Triangle

Just like every other cryptocurrency, the price of Monero (XMR) has been on a bearish rollercoaster for the last few weeks. This morning, it formed a contracting triangle at $120 which will break above the support established at $100. There are many support zones on the price chart. One is at $100, one at $105 and one at the 61.8% Fibonacci retracement level of the last fall. Since the beginning of today’s trading session, Monero has been trading in green. It is rising by 1.89% daily. This is a bullish trend showing that the bulls are gaining control of the market.

Monero (XMR) Price Today – XMR / USD

Name Price
bitcoin
Bitcoin
$10,306.000.791%
monero
Monero
$87.576.19%

Not too long ago, the Monero network announced that it has released the web-based version of the XMR wallet. This version is available for Tor browser. This news may have contributed to the price surge above $100. The price pulled back after the decline last week and consolidated above the $100 support level moving above $110 before finding support at $104. An ascending trendline was formed on the price chart and it has prevented the price from taking more dips against the USD. This is according to the price analysis on FXStreet.

Monero Price Analysis Now

The price of Monero (XMR) is now struggling within a contracting triangle but a breakout might be on the way. If the price should step above the resistance at $109, it could test the $110.65 supply zone. This may lead to more gains towards $114 and even $120. However, the price is supported at $110.66 which is the 61.8% Fibonacci retracement level of the last rise. This is also the same spot at the 50 SMA. At the time of writing, Monero (XMR) was trading at $107.32. This indicates a 0.79% rise against the USD and a 0.87% rise against Bitcoin. The trading volume within a 24 hour period is $31,060,333 while the market capitalization is $1,759,704,243. Monero (XMR) is one of the few cryptocurrencies that is trading in green this morning.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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