Monero: Bulls eye bigger gains as XMR flips $160 to support

The sustained buying pressure on Monero (XMR) saw the altcoin flip the $160 psychological price level to support over the past 12 hours.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.saw the altcoin flip the vital $160 psychological price level to support over the past 12 hours. This came after the bullish rally was rejected at the price level on 24 October, leading to a minor retracement.However, buyers leveraged on the overall bullish market conditions to launch another attempt at the $160 price level.

Similarly, investors raised their capital inflows with the Chaikin Money Flow continuing its uptrend with a reading of +0.23, as of press time. Based on the price action, bullish market sentiment, and chart indicators, XMR buyers can push further with another 4.5% pump. This would take the altcoin to the $170 resistance level.

However, the $170 level has been tough for bulls to crack in the past. This could give sellers an opportunity to halt the bullish run if price gets to the level in the short term.The futures market reacted positively to the additional price gains. The Open Interest registered an uptick, moving from $20.20 million to $21.36 million over the past day.

Likewise, the funding rates remained largely positive. Also, the strong demand for XMR was evident with the spot CVD maintaining its uptrend. Overall, the signals pointed to additional gains with XMR poised to take its bullish run to $170 in the short term.Emmanuel is a full-time journalist at AMBCrypto. With a degree in Information Systems, he is curious about the mix of financial data and storytelling.

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