- XMR/USD retreats from intraday high but stays on a green territory.
- The strong support is created on approach to $73.00.
Monero (XMR) is in the green zone, gaining over 2.5% of its value in recent 24 hours. Monero, now the 10th largest digital asset with the current market value of $1.3 billion is changing hands at $75.70 at the time of writing, off the intraday high registered at $76.26.
Monero’s technical picture
On the intraday basis, XMR/USD retreated from the recent high reached at $76.26 and settled below $76.00 handle. Initial support comes at $74.00. It is strengthened by SMA50 (Simple Moving Average) 1-hour. It is followed by the lower line of the 1-hour Bollinger Band at $73.60. However, the critical area awaits XMR on approach to $71.00 with SMA200 and the lower line of 1-hour Bollinger Band located on approach. Once it is out of the way, the downside is likely to gain traction with the next focus on $70.00
On the downside, a strong resistance awaits the coin on approach to the recent high of $76.26, followed by SMA100 and the middle line of 4-hour Bollinger Band. We will need to see a sustainable move above this area for the upside to gain traction with the next focus on $80.00