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- XMR reached another short-term milestone with bulls claiming the $160 price level.
- Sustained demand in the futures market could drive more profits.
The continued buying pressure on Monero [XMR] saw the altcoin turn around the crucial psychological price level of $160 to support over the past 12 hours. This came after the bullish rally at the October 24 price level was rejected, leading to a minor retracement.
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However, buyers took advantage of the overall bullish market conditions to make another attempt at the $160 price level. This brought XMR’s total gains over the past week to 10.5%, after a strong rally from the $150 support level.
The extension of the bullish rally confirmed AMBCrypto’s analysis on October 8, which predicted additional gains for buyers after the $150 level turned to support.
Bulls are targeting a high of $170 in the third quarter
Source: XMR/USDT on Trading View
The strong buying pressure on XMR was highlighted as the Relative Strength Index (RSI) approached the overbought zone. This indicated solid demand for XMR in the spot market.
Similarly, investors increased their capital inflows, with the Chaikin Money Flow (CMF) continuing its upward trend with a value of +0.23, as reported at the time of writing.
Based on the price action, bullish market sentiment and chart indicators, XMR buyers can move further up another 4.5%. This would take the altcoin towards the $170 resistance level.
However, the $170 level has been difficult for bulls to break in the past. This could give sellers a chance to stop the bullish run if the price reaches the near-term level.
Read Monero [XMR] Price forecast 2023-24
The spot CVD uptrend revealed continued demand for XMR
Source: Coinalyse
The futures market responded positively to the additional price gains. The Open Interest recorded an increase, going from $20.20 million to $21.36 million in the last day.
Financing rates also remained largely positive. Strong demand for XMR was also clearly visible, with spot CVD maintaining its upward trend. Overall, the signals pointed to additional gains, with XMR poised to extend its near-term bullish run to $170.
