Monero initially went sideways on Monday, hovering just above the $90 level. However, comments coming from the North Korean Foreign Minister suggesting that they are getting closer to a war with the United States suggests that safe haven buying was the way to go.
We have broken above the $94 level during the day, but have since pulled back to test support. It looks as if Monero is ready to continue going higher, and I suspect that the $100 level above will be the target as it is a massive round number that has a lot of psychological importance.
I believe that resistance will of course be important going forward, but given enough time I think that the market should continue to go higher. In the meantime, it is more than likely going to be a market that offers buying opportunities going forward.
Momentum in Monero Price Keeps Me Interested
I believe that the $88 level underneath is massively supportive, and if we can stay above that level, it is likely that the buyers will continue to run the show. If we break down below the $88 level, the market should then go down to the $84 level.
A breakdown below there can send this market looking for the $80 handle. We have seen a lot of volatility as of late, and of course selling pressure. If it picks up, it could be very sudden. However, recently we are starting to see some stabilization, and Monday confirmed that we had been forming a bit of a base.
With this in mind, I think that short-term we will see buyers coming back into play, and should continue to offer short-term volatility that favors buying, and a rapid succession of buying orders to take advantage of what we have seen in this general vicinity. Once we break above the $100 level, the momentum will more than likely pick up.