bullish

Bitcoin

Monero

Resistance

Rise

The post <a href="https://coinpedia.org/price-analysis/monero-xmr-price-hints-a-20-surge-amid-bullish-reversal/" rel="noopener noreferrer nofollow">Monero (XMR) Price Hints A 20% Surge Amid Bullish Reversal?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The cryptocurrency market continues to display uncertain price movements, indicating a mixed sentiment. Moreover, the market leader, Bitcoin price has failed to hold its value above the $60,000 mark. Following this, top altcoins have recorded a similar price action by breaking their important support levels.
On the other hand, the Monero price has recorded a variation of less than 1% in both short and large time frames. Notably, it has recorded a Year-to-Date (YTD) return of -0.98%. This highlights a rising disinterest of investors in it.
With a potential altcoin season around the corner, will the Monero (XMR) crypto token make a comeback by reclaiming the $200 mark?
<h2 class="wp-block-heading" id="h-xmr-price-retests-its-important-resistance-level">XMR Price Retests Its Important Resistance Level</h2>
After displaying a sideways action for the first 3 weeks of August, the <a href="https://coinpedia.org/price-prediction/xmr-monero-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Monero price</a> regained momentum and jumped 22.96% within 8 days. Following this, the bulls failed to hold the momentum, resulting in a price plunge. However, the price experienced a bullish reversal above the $150 mark.
<figure class="wp-block-image"><img decoding="async" width="1433" height="756" src="https://image.coinpedia.org/wp-content/uploads/2024/08/30180712/image-584.png" alt="Monero Price Anaysis 30th Aug 2024" class="wp-image-344887" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/30180712/image-584.png 1433w, https://image.coinpedia.org/wp-content/uploads/2024/08/30180712/image-584-300x158.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/30180712/image-584-1024x540.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/30180712/image-584-768x405.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/30180712/image-584-150x79.png 150w" sizes="(max-width: 1433px) 100vw, 1433px">
</figure>
Since then, this altcoin has added 6.48% in valuation. Presently, the altcoin is hovering above its important trendline of $162.50. This indicates a rising bullish sentiment for it in the crypto space.
The EMA 200-day has constantly acted as a support to the Monero price chart. Moreover, the 50-day trendline records a rising pattern. This indicates an increase in the buying-over-selling pressure for this crypto token in the market.
The Relative Strength Index (RSI) has successfully retested its mid-point in the 1D time frame. Further, the average trendline is on the verge of recording a bullish convergence. This indicates a positive outlook for the altcoin in the coming time.
<h2 class="wp-block-heading" id="h-will-monero-s-price-rise-back-up">Will Monero’s Price Rise Back Up?</h2>
If the market holds the price of XMR above its support level of $162.5, the Monero price will prepare to test its resistance level of $181. Further, if the bulls continue to dominate the market, the altcoin will head toward its upper high of $200.
On the flip side, if the bulls fail to hold value, the altcoin will plunge below its support trendline of $162.50. In this case, the XMR price will retest its crucial support level of $144.25 during the upcoming weeks.
Also, read our <a href="https://coinpedia.org/price-prediction/zcash-zec-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">ZCash (ZEC) Price Prediction 2024-2030</a>

Monero (XMR) Price Hints A 20% Surge Amid Bullish Reversal?

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