Monero XMR has performed quite well in the last 24 hours,
having established strong support $121. If the current momentum sustains,
Monero is likely to rise to $166, which is the first point of resistance in the day.
Looking at Monero’s price behavior in the last 12 hours,
it looks set to close above yesterday’s high of $129.
In the next 12 hours, Monero (XMR) looks set to hit $166 along the 55-day moving average.
Monero’s positive momentum in the next 24 hours is also supported by bitcoin’s performance
in the last 12-hours. Bitcoin has shot up above $6500,
indicating that money is flowing into crypto, after a slump all through last week.
Given that bitcoin drives the rest of the market, it is only natural to
expect that if bitcoin stays above this level, Monero too will perform well.
In the coming week, if Monero opens the week above $141,
it could trade in the green all through the week, and
possibly hit a high of $168 along the 55-day moving average.
To conclude, Monero XMR is a strong buy in the next 24-hours,
unless something extraneous happens in the market, similar to
last Sunday’s hack on South Korea’s Coinrail exchange.
CHEERS
