After recording a bearish action on Wednesday, the cryptocurrency market has experienced a strong bullish recovery by adding over 3% to its portfolio within the past 24 hours. Further, the market leader, BTC price has reclaimed the $67,000 mark.
Following this, the Monero price has recorded a significant uptrend in its respective portfolio. This highlights an increase in the buying-and-selling pressure for the altcoin in the crypto space. With the ongoing market sentiments, will Monero price hit $200?
XMR Coin Price Successfully Retests Its Important Support:
With the increased price volatility in the crypto space, the Monero price has recorded a jump of 9.51% within the past day with a trading volume of $130.26 Million, a change of +68.88%. Further, it has added 5.12% within the past week and has a YTD return of over 2%.
Notably, this altcoin is currently trading at a discount of 67.13% from its ATH of $517.62. With a trading price of $169.21, the XMR crypto has secured the 28th position with a market capitalization of $3.107 Billion.
The 50-day EMA constantly acts as a support to the price chart in the 1D time frame, indicating a strong bullish sentiment in the crypto market.
The Moving Average Convergence Divergence (MACD) displays a constant green histogram with its averages recording a bullish action. This highlights a positive outlook for the Monero price in the cryptocurrency market.
How High Will XMR Go?
If the crypto space continues trading under a bullish sentiment, the Monero crypto will head toward its resistance level of $181. Maintaining the price at that level will set the stage for the XMR coin price to test its upper resistance level of $200.
Conversely, if a trend reversal occurs, the Monero price will break down its support of $162.50 and prepare to test its lower support level of $144.25 during the upcoming weeks.
