Monero Review: The bulls are looking at $ 60,

Monero (XMR) – one of the winners of this day. The coin increased by 7.61% over the past 24 hours and is trading at $ 57.60. Monero occupies the 14th place in the world rating of cryptocurrencies, the XMR market capitalization is estimated at $ 972 million. The average daily trading volume is registered at $ 100 million, which corresponds to long-term indicators.

Based on the chart, Monero is trading with a bullish momentum. Sustained growth has been observed since March 5th. After a short-term struggle at the level of $ 50, the coin was able to develop a strong upward momentum and consolidated above the level of $ 58.

XMR / USD, 4H chart

As the short-term bullish move is gaining momentum, Monero is ready to reach $ 60, provided that the global cryptocurrency market moves in the same direction. As soon as this psychological barrier disappears, the growth potential can be increased to $ 70 with the DMA200 located on the way.

On the other hand, local resistance is created by a cluster of $ 56 – $ 55.80. The fall of the coin will push the price to $ 54.80. The next support is expected at $ 53.30 (SMA50 and SMA200 merge, 4 hours). It is followed by a critical barrier of $ 50.

What do you think about XMR cryptocurrency?