The Monero price has successfully soared back to $350 in a week, and the price rally has given hope to everyone of XMR hitting $400. As of now the market capitalization of this altcoin has increased to $6.56 billion with a market dominance of 0.1977%.
The increased interest can be seen from trading volume as it is up 65% in the last 24hrs. XMR has successfully secured a position in the daily top gainers. Taking a longer overview, XMR has show a 29.85% rise in 30 days, hinting at a strong long-term bullish reversal.
Monero XMR has been moving in a rising wedge since april, however in mid may price suddenly began to drop and didn’t stop till it reached $313. For a brief period traders feared a further market crash, however, that did not happen.
AS XMR was able to hold the $313 as support, the May to June transition has given a positive start for experiencing a jump of over 12% in 3 consecutive trading days.
The EMA 50-day act as a major support around the $311 and the 200-day shows a constant rise and is currently holding at $214.59. This trend indicates an increase in the buying sentiment for the altcoin in the daily time frame.
The Moving Average Convergence Divergence (MACD) indicator shows a relief toward the neutral point in the XMR price chart. However, its 12 & 26-day EMA indicator is otherwise. Considering the present sentiments, the Monero token may display increased price action this week.
Will Monero Price Rise Back Up?
A sustained bullish action could result in retesting its weekly high of $406. If the market remains bullish at that point, the XMR crypto token could record a new 52-week high this week.
Negatively, if the crypto market experiences increased liquidation this week, the price of Monero token may retest its weekly low of $313. Moreover, increased bearish action could pull the price to a low of $270. By evaluating the market trends, this altcoin may range between $313 as its major low and $375 as its key test zone.
Also Read: Institutional Investors Shift to Ethereum From Bitcoin & XRP: Data
