XMR/USD Extending Gains Above $50

• XMR/USD is seen trading at $51.81 following a 2% increase in value.
• XMR is prime for gains above the 61.8% Fib level.

Monero another bull among a sloth of bears on Thursday. The cryptocurrency market is in the red apart from selected digital assets like Bitcoin Cash (BCH), Monero (XMR), Litecoin (LTC), IOTA (MIOTA) and Bitcoin Gold (BCH). XMR/USD is seen trading at $51.81 following a 2% increase in value.

Looking at the chart, Monero has been on an upward trajectory since March 5. There was a struggle at the $50 hurdle leading to sideways trading within a range between $49 and $51. However, amid the bearish market pressure, Monero bulls increased their grip pulling the price above the 50% Fib level with the last swing high at $56.39 and a low at $46.89.

At press time, XRM/USD is exchanging hands at $51.60 and sitting comfortably at the 50% Fib level. Indicators like the RSI and the MACD are still sending bullish signals. This means that XMR is prime for gains above the 61.8% Fib level at $52.79 and eventually retrace the steps to the high on Feb 24 at $56.39.

XMR/USD 2-hour chart