Amid increasing price volatility in the cryptocurrency market, top tokens have been showing significant upward trends in their respective portfolios over the past few days. Additionally, the price of Monero (XMR) has recorded a surge of around 17% over the past week.
On a positive note, Monero’s price has risen 3.86% in the past day and 28.73% in the past 30 days. Although the XMR cryptocurrency’s year-to-date (YTD) return is less than 3%, the upswing in market sentiment points to a bullish outlook for the altcoin in the coming months.
XMR price shows bullish reversal:
Following a correction of around 39% in February, bulls lost steam and the stock traded within a consolidation range of $112.80 to $126.50 for over three months, demonstrating weak price action.
As the bulls regained momentum, the price broke out of the range and since then, the XMR cryptocurrency has been showing a constant upward trend on the charts.
With a trading price of $173.56, a circulating supply of 18,446,742 XMR tokens, and a market capitalization of $3.126 billion, Monero (XMR) captures the 37th spot among the top 100 cryptocurrencies.
Monero (XMR) Market Sentiments:
The 50/200 day cross EMA indicates that a golden cross is likely to occur on the 1D timeframe, suggesting growing bullish sentiment for the Monero token in the cryptocurrency space.
The Moving Average Convergence Divergence (MACD) is showing a steady upswing in the green histogram, indicating that buying pressure is outweighing selling pressure. Additionally, the chart shows that the average value is showing a significant upward trend, suggesting that XMR price will continue to rise in the future.
How high will Monero's price go?
If the market sustains the price above the support level at $171.35, the bulls will continue their rise and test the resistance level at $185. If the price sustains at that level, the XMR coin price will be ready to test this month’s high of $200.
However, if a bearish trend reversal occurs, the price may lose momentum and retest the support level at $158. Moreover, if the bears fail to regain strength, Monero price will be poised to test the lower support level at $142.50 in the future.
