Monero: Bulls eye bigger gains as XMR flips $160 to support
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- XMR hit another short-term milestone with bulls claiming the $160 price level.
- Sustained demand in the futures market could spur more gains.
The sustained buying pressure on Monero [XMR] saw the altcoin flip the vital $160 psychological price level to support over the past 12 hours. This came after the bullish rally was rejected at the price level on 24 October, leading to a minor retracement.
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However, buyers leveraged on the overall bullish market conditions to launch another attempt at the $160 price level. This brought XMR’s total gains over the past week to 10.5% after its strong rally from the $150 support level.
The extension of the bullish rally validated AMBCrypto’s analysis on 8 October which predicted additional gains for buyers after the $150 level was turned to support.
Bulls set sights on Q3 highs of $170
The strong buying pressure on XMR was highlighted by the Relative Strength Index (RSI) approaching the overbought zone. This hinted at solid demand for XMR in the spot market.
Similarly, investors raised their capital inflows with the Chaikin Money Flow (CMF) continuing its uptrend with a reading of +0.23, as of press time.
Based on the price action, bullish market sentiment, and chart indicators, XMR buyers can push further with another 4.5% pump. This would take the altcoin to the $170 resistance level.
However, the $170 level has been tough for bulls to crack in the past. This could give sellers an opportunity to halt the bullish run if price gets to the level in the short term.
Read Monero [XMR] Price Prediction 2023-24
Spot CVD uptrend revealed sustained demand for XMR
The futures market reacted positively to the additional price gains. The Open Interest registered an uptick, moving from $20.20 million to $21.36 million over the past day.
Likewise, the funding rates remained largely positive. Also, the strong demand for XMR was evident with the spot CVD maintaining its uptrend. Overall, the signals pointed to additional gains with XMR poised to take its bullish run to $170 in the short term.