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Monero price analysis 2nd August 2019; what keeps Monero pushing?

Monero price 21 May

Monero is proving to be one of the most profitable investments of late July 2019 as it has remained in the positive gain level for the last two weeks.

Naturally, the coin is down since the maximum it saw last month at $107, but it can’t be denied that it’s well on its way towards consolidating enough to surpass that price point.

At the moment, the main resistance level lies at $98, which if crossed, paves the way towards $100 and later on to $107 without any stop.

The support level currently sits at $72 but it is extremely unlikely that XMR will even come close to it.

Monero price analysis

XMR chart by Trading View

Monero’s performance has been both directly and indirectly tied to Bitcoin’s surges and fluctuations which XMR followed flawlessly.

However, it did have some time to breathe from the Bitcoin mood swings these last two weeks where the coin keeps on failing to break the $10,000 only managing to do so this week.

Overall, if Bitcoin manages to have a breakthrough, it’s possible to have Monero follow it directly, and possibly go beyond the $107 psychological levels.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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