Amid increased price volatility in the cryptocurrency market, the top tokens have displayed a significant uptrend in their respective portfolios over the past few days. Moreover, Monero (XMR) price has recorded a jump of approximately 17% over the past week.
Positively, the Monero price has added 3.86% within the past day and 28.73% over the past 30 days. Despite the XMR crypto recording a Year-to-Date (YTD) return of less than 3%, the rising market sentiment indicates a bullish outlook for the altcoin during the upcoming months.
Following its correction of approximately 39% in February, the bulls lost momentum and displayed a weak price action by trading in a consolidated range between $112.80 and $126.50 for over three months.
As the bulls regained momentum, the price broke out of the range. Since then, the XMR crypto has been displaying a constant uptrend in the chart.
With a trading price of $173.56, a circulating supply of 18,446,742 XMR tokens, and a market capitalization of $3.126 Billion, the Monero (XMR) price has successfully claimed the 37th spot in the top 100 cryptocurrencies.
The Cross EMA 50/200-day displays a high possibility of a Golden Cross in the 1D time frame, suggesting an increase in the bullish sentiment for the Monero token in the crypto space.
The Moving Average Convergence Divergence (MACD) shows a constant rise in the green histogram, indicating increased buying-over-selling pressure. Furthermore, the averages display a significant uptrend in the chart, highlighting the XMR price will continue gaining value in the coming time.
If the market holds the price above the support level of $171.35, the bulls will continue gaining value and test its resistance level of $185. Maintaining the price at that level will set the stage for the XMR coin price to attempt to test its upper high of $200 this month.
However, if a bearish trend reversal occurs, the price will lose momentum and test its support level of $158. Moreover, if the bears fail to regain power, the Monero price will prepare to test its lower support level of $142.50 in the coming time.
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