The cryptocurrency market continues to show uncertain price fluctuations and mixed emotions. Moreover, the price of market leader Bitcoin failed to sustain its value above $60,000. Following this, major altcoins fell below key support levels and recorded similar price fluctuations.
Meanwhile, Monero’s price has fluctuated less than 1% in both the short and long term, notably with a year-to-date (YTD) return of -0.98%, highlighting the growing investor interest in Monero.
With altcoin season fast approaching, will the Monero (XMR) crypto token bounce back and reclaim the $200 mark?
XMR Price Retests Key Resistance Level
After remaining flat for the first three weeks of August, Monero price regained momentum, increasing by 22.96% in eight days. The bulls were then unable to sustain the momentum and the price crashed. However, the price experienced a bullish reversal once it rose above $150.
Since then, the altcoin’s valuation has increased by 6.48%. Currently, the altcoin is trading above the key trendline of $162.50, which indicates growing bullish sentiment towards the altcoin in the cryptocurrency industry.
The 200-day EMA has been consistently acting as support on Monero’s price chart. Additionally, the 50-day trendline has been registering an upward trend, which indicates that buying pressure for this crypto token is outweighing selling pressure in the market.
The Relative Strength Index (RSI) has successfully retested the midpoint on the 1D timeframe, and furthermore, the average trendline is on the verge of recording a bullish convergence, which suggests a brighter outlook for the altcoin going forward.
Will Monero price rise again?
If the market sustains the price of XMR above the support level at $162.5, the price of Monero will be ready to test the resistance level at $181. Moreover, if the bulls continue to dominate the market, the altcoin could head towards a record high of $200.
Conversely, if the bulls fail to sustain the value, the altcoin will sink below the support trendline at $162.50, in which case, the price of XMR might retest the critical support level at $144.25 in the coming weeks.
Also check out ZCash (ZEC) price prediction 2024-2030.
