Monero (XMR) continued its bullish rally with a 5.3% pump over the past day. This took it past the $150 psychological resistance level.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.continued its bullish rally with a 5.3% pump over the past day, taking it past the $150 psychological resistance level. Earlier, XMR was rejected twice at this resistance level on 21 August and 15 September.continued to find the $28k ceiling a tough one to break through, as it remained at the $27.9k price mark within the same period.
Similarly, the RSI displayed strong buying pressure with a reading of 69, just at the edge of the overbought zone. Buyers can continue the bullish trend, with the next target lying at the $160 resistance level. This presents buyers with an opportunity to register another 4% gains from the press time price level.
However, the $155 price zone could be a critical hurdle, as it witnessed strong selling pressure on 17 August. This could usher sellers back into the market, with a retest of the new $150 support a possibility.showed that the OI rose from $23.54 million to $24.59 million over the past day. This represented a 4.7% increase, highlighting the good backing for buyers in the futures market.
Likewise, the spot CVD revealed the huge demand behind XMR, as it continued to trend upwards. This could see Monero extend its bullish run to $160 in the short term.Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating.
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