Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- XMR rose by another 5.3%, taking it beyond a critical price level.
- Speculators backed the bullish gains with a 4.7% rise in Open Interest.
Monero [XMR] 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.
Read Monero [XMR] Price Prediction 2023-24
Thus, a bullish break of the level hinted at more bullish gains for Monero in the short term.
Meanwhile, Bitcoin [BTC] 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.
Sustained buying pressure sees bulls flip $150 price level to support
Source: XMR/USDT on Trading View
The on-chart indicators showed strong buying pressure on XMR. The CMF (Chaikin Money Flow) stood at +0.26, as of press time, to highlight the significant capital inflows.
Similarly, the RSI (Relative Strength Index) 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.
Futures market reacted with a rise in Open Interest
Source: Coinalyze
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Data from Coinalyze showed that the OI (Open Interest) 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.
