Monero Crypto Forecast: Can XMR Reach the Coveted $200 Level?
Monero Crypto Forecast: Can XMR Reach the Coveted $200 Level?
Monero crypto has been on a three day gaining streak and rising towards the psychological $200 Mark.
At the time of writing, the XMR crypto was exchanging hands close to $180, recording a positive development of 3.6% a day.
While the broader market has been facing a sideways trend induced with volatility in the last couple of weeks. On the other side, Monero (XMR) has seen an impressive rally, climbing from yearly low close to $100 in April. The crypto has achieved a remarkable 26% gain in the last two weeks, outperforming the market leaders.
The announcement of the MoneroKon 2024 event has fueled the price to escalate higher. Moreover, this uptrend is part of a broader movement that saw the price escalate from $140 to $180, marking a transition from a corrective phase to reaching an annual high price.
Furthermore, this price rise is supported by a substantial influx of trading volume, suggesting an increased demand. While the crypto has already delivered a substantial return, still the investor sentiment remains optimistic, with many setting their sights towards the $200 threshold as the next significant milestone.
Volume Inflow Explodes To A Record High
The Monero price has been rising continuously for the fourth consecutive week indicating a strong bullish trend. The price performance in the short term has been outstanding, gaining over 18% a week and 36.04% a month.
<iframe title="Santiment Chart: Price (XMR), Volume (XMR), Price (XMR) MA(50), Price (XMR) MA(200)" width="1170" height="425" src="embed.santiment.net/chart?ps=monero&pt=XMR&df=2024-03-10T00:00:00.000Z&dt=2024-06-10T18:29:59.434Z&emcg=1&emhwm=1&wm=price_usd;volume_usd;[2;price_usd;MA50];[2;price_usd;MA200]&wax=0;1&wc=#33bd5d;#D2D6E7;#FF5B5B;#FFCB47&ws={"interval":"1d","node":"candle"};;;" scrolling="no"></iframe>
Moreover, the price rise has been supported by a massive rise in the volume inflow in the recent sessions. The volume inflow has surged by over 300% in the last couple of weeks rising from $40 Million to $125.9 Million in Intraday today. The rising volume inflow indicates an increased demand for the crypto.
Moreover, the volume to market cap ratio still lies close to 3.64% indicating low volatility in the crypto. XMR ranks 31st in terms of market capitalization with a total market cap of $3.34 Billion. It has a circulating supply of 18.44 Million XMR tokens.
Can XMR Hit the $200 Milestone This Week?
The Monero crypto is rising a strong bullish wave backed by a massive surge in the volume inflow. At the time of writing, the XMR crypto price was trading close to $180 level marking a 3.6% rise in intraday.
On the higher side, the bulls need to surpass the recent hurdle of $186.9 to reach a milestone of $200 level. whereas, the price may experience a profit booking if it slips below the $170 level.
The technical indicators like the key exponential moving average of 50 and 200 day EMA points to a positive trend outlook. Also, a bullish crossover of the RSI line and 14 day SMA line was observed suggesting a trend continuation.
Conclusion.
Monero (XMR) has defied the broader market's stagnation, rallying from a low near $100 in April to a recent high close to $180. Moreover, the price rise is backed by a 300% increase in trading volume, indicating strong demand.
On the higher side, the bulls need to surpass the recent supply of $186.9 to reach a milestone of $200 level. Technical indicators, including the 50 and 200-day EMAs and a bullish RSI and SMA crossover, support the positive momentum, suggesting the potential for further gains.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Monero crypto has been on a three day gaining streak and rising towards the psychological $200 Mark.
At the time of writing, the XMR crypto was exchanging hands close to $180, recording a positive development of 3.6% a day.
While the broader market has been facing a sideways trend induced with volatility in the last couple of weeks. On the other side, Monero (XMR) has seen an impressive rally, climbing from yearly low close to $100 in April. The crypto has achieved a remarkable 26% gain in the last two weeks, outperforming the market leaders.
The announcement of the MoneroKon 2024 event has fueled the price to escalate higher. Moreover, this uptrend is part of a broader movement that saw the price escalate from $140 to $180, marking a transition from a corrective phase to reaching an annual high price.
Furthermore, this price rise is supported by a substantial influx of trading volume, suggesting an increased demand. While the crypto has already delivered a substantial return, still the investor sentiment remains optimistic, with many setting their sights towards the $200 threshold as the next significant milestone.
Volume Inflow Explodes To A Record High
The Monero price has been rising continuously for the fourth consecutive week indicating a strong bullish trend. The price performance in the short term has been outstanding, gaining over 18% a week and 36.04% a month.
<iframe title="Santiment Chart: Price (XMR), Volume (XMR), Price (XMR) MA(50), Price (XMR) MA(200)" width="1170" height="425" src="embed.santiment.net/chart?ps=monero&pt=XMR&df=2024-03-10T00:00:00.000Z&dt=2024-06-10T18:29:59.434Z&emcg=1&emhwm=1&wm=price_usd;volume_usd;[2;price_usd;MA50];[2;price_usd;MA200]&wax=0;1&wc=#33bd5d;#D2D6E7;#FF5B5B;#FFCB47&ws={"interval":"1d","node":"candle"};;;" scrolling="no"></iframe>
Moreover, the price rise has been supported by a massive rise in the volume inflow in the recent sessions. The volume inflow has surged by over 300% in the last couple of weeks rising from $40 Million to $125.9 Million in Intraday today. The rising volume inflow indicates an increased demand for the crypto.
Moreover, the volume to market cap ratio still lies close to 3.64% indicating low volatility in the crypto. XMR ranks 31st in terms of market capitalization with a total market cap of $3.34 Billion. It has a circulating supply of 18.44 Million XMR tokens.
Can XMR Hit the $200 Milestone This Week?
The Monero crypto is rising a strong bullish wave backed by a massive surge in the volume inflow. At the time of writing, the XMR crypto price was trading close to $180 level marking a 3.6% rise in intraday.
On the higher side, the bulls need to surpass the recent hurdle of $186.9 to reach a milestone of $200 level. whereas, the price may experience a profit booking if it slips below the $170 level.
The technical indicators like the key exponential moving average of 50 and 200 day EMA points to a positive trend outlook. Also, a bullish crossover of the RSI line and 14 day SMA line was observed suggesting a trend continuation.
Conclusion.
Monero (XMR) has defied the broader market's stagnation, rallying from a low near $100 in April to a recent high close to $180. Moreover, the price rise is backed by a 300% increase in trading volume, indicating strong demand.
On the higher side, the bulls need to surpass the recent supply of $186.9 to reach a milestone of $200 level. Technical indicators, including the 50 and 200-day EMAs and a bullish RSI and SMA crossover, support the positive momentum, suggesting the potential for further gains.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
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