Monero Crypto Forecast: Can XMR Reach the Coveted $200 Level?

Monero Crypto Forecast: Can XMR Reach the Coveted $200 Level?
Monero crypto has been on a three day gaining streak and rising towards the psychological $200 Mark.
At the time of writing, the XMR crypto was exchanging hands close to $180, recording a positive development of 3.6% a day.

While the broader market has been facing a sideways trend induced with volatility in the last couple of weeks. On the other side, Monero (XMR) has seen an impressive rally, climbing from yearly low close to $100 in April. The crypto has achieved a remarkable 26% gain in the last two weeks, outperforming the market leaders.

The announcement of the MoneroKon 2024 event has fueled the price to escalate higher. Moreover, this uptrend is part of a broader movement that saw the price escalate from $140 to $180, marking a transition from a corrective phase to reaching an annual high price.

Furthermore, this price rise is supported by a substantial influx of trading volume, suggesting an increased demand. While the crypto has already delivered a substantial return, still the investor sentiment remains optimistic, with many setting their sights towards the $200 threshold as the next significant milestone.
Volume Inflow Explodes To A Record High
The Monero price has been rising continuously for the fourth consecutive week indicating a strong bullish trend. The price performance in the short term has been outstanding, gaining over 18% a week and 36.04% a month.

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Moreover, the price rise has been supported by a massive rise in the volume inflow in the recent sessions. The volume inflow has surged by over 300% in the last couple of weeks rising from $40 Million to $125.9 Million in Intraday today. The rising volume inflow indicates an increased demand for the crypto.

Moreover, the volume to market cap ratio still lies close to 3.64% indicating low volatility in the crypto. XMR ranks 31st in terms of market capitalization with a total market cap of $3.34 Billion. It has a circulating supply of 18.44 Million XMR tokens.
Can XMR Hit the $200 Milestone This Week?
The Monero crypto is rising a strong bullish wave backed by a massive surge in the volume inflow. At the time of writing, the XMR crypto price was trading close to $180 level marking a 3.6% rise in intraday.

On the higher side, the bulls need to surpass the recent hurdle of $186.9 to reach a milestone of $200 level. whereas, the price may experience a profit booking if it slips below the $170 level.

The technical indicators like the key exponential moving average of 50 and 200 day EMA points to a positive trend outlook. Also, a bullish crossover of the RSI line and 14 day SMA line was observed suggesting a trend continuation.
Monero (XMR) has defied the broader market's stagnation, rallying from a low near $100 in April to a recent high close to $180. Moreover, the price rise is backed by a 300% increase in trading volume, indicating strong demand.

On the higher side, the bulls need to surpass the recent supply of $186.9 to reach a milestone of $200 level. Technical indicators, including the 50 and 200-day EMAs and a bullish RSI and SMA crossover, support the positive momentum, suggesting the potential for further gains.

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