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XMR Price Analysis: Bullish Momentum Rocks Monero (XMR) Pushing Price Past $50, Supported by Upgrades on the Tor and I2P Anonymous Networks

*Monero (XMR), the leading privacy coin, has grown 9 percent in the last 24 hours
*Bullish momentum rocks XMR/USD, pushing price past $50
*A recent update has been introduced into operations on anonymous Tor and I2P networks.

XMR/USD Daily Chart: Ranging

The 200-day moving average slope has constricted, suggesting a rising variability in prices while the regular RSI is trending to overbought level, and the 50 MA is suggesting a decreasing bullish momentum. Although Monero’s price still has to maintain its level in March 2019, when it was beyond the $50 level, Monero reaches as high as $98 level in February, before coronavirus started ratcheting through the market. On March 13, it reached a low of about $24 level and its risen more than $26 to trade at $50.46 level.

Even as Monero trades below its high of $98 in February, the token is consolidating its position on the 4-hour time frame quite a lot. It is one of the few optimistic charts, as it still makes higher lows and higher highs steadily. The next big challenge for the pair is to leave the $50.00 level behind, there doesn’t seem to be enough momentum to advance from the psychological zone at the moment.

Image Credit: Shutterstock

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