Monero Shoots Up; Short-term Traders Look for Profit Booking

A steady upward rally is the least one can ask for in such a depressive market scenario. Monero is the altcoin, which has recently managed an uptrend over the last 24 hours. With that, Bitcoin has also noted a moderately bullish sentiment over a day. BTC price has reached above $8900 from its recent plunge below $8400. It is to be seen how long the Bulls take to reach about $9900 again.

Monero Price Analysis

The price recovery of the XMR coin that started a few weeks ago amid some hindrance had seen a major fallout on May 10. This has created a chaotic atmosphere in the space and among the investors. However, the recently instigated price recovery is likely to improve the same soon.

Monero price is way above where it was two days ago, proving its strength. The coin has carried out a more than 11% price rebound after it saw an effective correction wave between $56 to $61. The price level near $56.92 has acted as a strong support level.

XMR/USD Chart By TradingView

XMR coin has formed quite a few higher highs on its way of valuation recovery. At present, Monero is testing resistance at $63.11. The bulls are set to cross the 0% fib level with a positive bias.

Moreover, all the technicals are in the positive zone, including the 200-day EMA line. The MACD indicator, too, is in the positive zone.