Monero [XMR] bulls defended $152 support- Is $168.8 achievable

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

• XMR rebounded at a crucial value area of $152.
• The market was bullish on the 12-hour chart at press time.

Monero [XMR] registered mixed performance in Q1, 2023. It appreciated by 40%, rising from $148 to $187 in January. In February, it consolidated before sustaining a price dump in mid-March, sinking it to $135. But XMR saw aggressive demand at the $135 level, setting it up for recovery. 

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Bitcoin [BTC] zoomed to the $29K level before retreating to $28K – indicating a bullish sentiment despite the increased U.S. regulatory pressure on the crypto industry.

If BTC reclaims the $29K and surges upwards, XMR could attempt to retest or break above a crucial stiff resistance level.

Is a retest of $168.8 likely?

Source: XMR/USDT on TradingView

XMR dropped to its previous parallel channel’s mid-level of $152 after BTC retreated to $26K on 28 March. The $152 level also coincided with the Fixed Range Volume Profile’s POC (point of control) line, which attracted increased trading volume. 

The recovery blasted above the local resistance at $157.6. Bulls could push XMR to $168.8 if they clear the obstacle at $165. A strong BTC upswing into $29K could tip XMR to target other key resistance levels, including $179 and  $187. 

A close below $157.6 could attract bears into the market. However, bears must clear the $152 hurdle to gain market leverage to sink XMR to $145 or $135. 

The Relative Strength Index (RSI) dropped but rebounded and was above the 50 mark at press time, showing increased buying pressure in the past few days.

Similarly, the On Balance Volume (OBV) exhibited an uptick, showing XMR saw increased trading volumes as demand soared in the past few days.  

The CVD spot was positive

Source: Coinalyze

According to Coinalyze, the aggregated CVD (Cumulative Volume Delta) exhibited a positive slope, showing bulls were dominant in the market. As such, XMR could move to $165 before facing some short-term sell pressure. 

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In addition, XMR saw more liquidation of short positions than long positions. About $45.5K in short positions were liquidated in the past 24 hours, while only $3.7K in long positions were wrecked in the same period.

It shows short-positions were paying long-positions – an underlying bullish sentiment that could boost the uptrend.

But investors should track BTC’s price action to determine whether XMR could overcome the obstacle at $165.