Amid increased price volatility in the cryptocurrency market, the top tokens have displayed a significant uptrend in their respective portfolios over the past few days. Moreover, Monero (XMR) price has recorded a jump of approximately 17% over the past week.
Positively, the Monero price has added 3.86% within the past day and 28.73% over the past 30 days. Despite the XMR crypto recording a Year-to-Date (YTD) return of less than 3%, the rising market sentiment indicates a bullish outlook for the altcoin during the upcoming months.
XMR Price Displays A Bullish Reversal:
Following its correction of approximately 39% in February, the bulls lost momentum and displayed a weak price action by trading in a consolidated range between $112.80 and $126.50 for over three months.
As the bulls regained momentum, the price broke out of the range. Since then, the XMR crypto has been displaying a constant uptrend in the chart.
With a trading price of $173.56, a circulating supply of 18,446,742 XMR tokens, and a market capitalization of $3.126 Billion, the Monero (XMR) price has successfully claimed the 37th spot in the top 100 cryptocurrencies.
Monero (XMR) Market Sentiments:
The Cross EMA 50/200-day displays a high possibility of a Golden Cross in the 1D time frame, suggesting an increase in the bullish sentiment for the Monero token in the crypto space.
The Moving Average Convergence Divergence (MACD) shows a constant rise in the green histogram, indicating increased buying-over-selling pressure. Furthermore, the averages display a significant uptrend in the chart, highlighting the XMR price will continue gaining value in the coming time.
How High Can Monero Price Go?
If the market holds the price above the support level of $171.35, the bulls will continue gaining value and test its resistance level of $185. Maintaining the price at that level will set the stage for the XMR coin price to attempt to test its upper high of $200 this month.
However, if a bearish trend reversal occurs, the price will lose momentum and test its support level of $158. Moreover, if the bears fail to regain power, the Monero price will prepare to test its lower support level of $142.50 in the coming time.
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- Source: https://coinpedia.org/price-analysis/monero-xmr-price-to-reclaim-200-soon-amid-bullish-breakout/
