Monero (XMR) Posts 11% Price Growth
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- Monero (XMR) surged by 11% in 24 hours, maintaining strong bullish momentum.
- The price remains above the 9-day EMA, while the SRSI stays in the overbought region.
- XMR could target $700 in the near term, with $1,000 as a possible longer-term target.
The price of Monero has risen by a notable 11% in the past 24 hours. However, at the time of writing, the coin has maintained roughly 10% price growth. This performance has raised the question of whether the token will eventually surpass other privacy-focused cryptocurrencies in terms of market capitalization.
XMRUSDT 24-Hour Chart
The Monero market has been on a long-term upward trend. Even now, the ongoing session is posting a significant price increase, with the price trading above the 9-day Exponential Moving Average (EMA) curve. The corresponding price candle has an upper shadow and, as such, gives the impression that headwinds are emerging. Nonetheless, the Stochastic Relative Strength Index (SRSI) indicator lines continue to move sideways in the overbought region, showing no signs of a downward crossover.
Upside Forces in the Monero Market Are Pushing Limits
Tailwinds remain active in the XMR market. This has continually propelled the market to higher levels, thereby preserving the upward trajectory that began on July 1 this year. The ongoing session maintains a bullish stance and finds support above the 9-day EMA curve.
Likewise, the SRSI indicator lines have risen into the overbought region and are moving sideways there, suggesting that upside forces remain relatively strong. As such, the market may be ready to breach another resistance level.
XMR Is Heading Towards the $700 Mark
Given the speculation surrounding whether the token will surpass the more widely known privacy-focused cryptocurrencies, more investors may want to rally behind it. Consequently, stronger price movements may follow. As such, the market could continue towards the $1,000 mark. However, traders might want to keep their expectations modest by targeting the nearer $700 price level.
