After recording a bearish move on Wednesday, the cryptocurrency market has experienced a strong bullish recovery with the cryptocurrency adding more than 3% to its portfolio in the past 24 hours. Moreover, the market leader BTC price has reclaimed the $67,000 level.
Following this, Monero price recorded a significant upward trend in the respective portfolios, highlighting the growing buying and selling pressure of altcoins in the cryptocurrency space. With the current market sentiment, will Monero price hit $200?
XMR Coin Price Successfully Tests Key Support Again:
Increased volatility in the cryptocurrency market has seen Monero’s price rise by 9.51% over the past day, with trading volume of $130.26 million, a change of +68.88%, while it has also risen by 5.12% over the past week, bringing its year-to-date return to over 2%.
Notably, the altcoin is currently trading at a 67.13% discount from its all-time high of $517.62. Trading at $169.21, the XMR cryptocurrency has secured the 28th spot with a market cap of $3.17 billion.
The 50-day EMA always acts as a support on the price charts on the 1D timeframe, indicating strong bullish sentiment in the cryptocurrency market.
The Moving Average Convergence Divergence (MACD) displays a constant green histogram with the average recording a bullish movement, which indicates a positive outlook for Monero price in the cryptocurrency market.
How high will XMR go?
If the crypto market continues to trade in a bullish mood, the cryptocurrency Monero will head towards the resistance level at $181. If the price sustains at that level, the price of XMR coin will be ready to test the upper resistance level of $200.
Conversely, if a trend reversal occurs, the price of Monero would sink below the support at $162.50 and set up to test the lower support level of $144.25 in the coming weeks.
