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- XMR rose another 5.3%, pushing it above a critical price level.
- Speculators supported the bullish gains with a 4.7% increase in Open Interest.
Money [XMR] continued its bullish rally over the past day with a 5.3% increase, pushing the price past the psychological resistance level of $150. Previously, XMR was rejected twice at this resistance level, on August 21 and September 15.
Read Monero [XMR] Price forecast 2023-24
Thus, a bullish break from the level indicated more bullish gains for Monero in the short term.
Meanwhile, Bitcoin [BTC] continued to find the $28,000 ceiling difficult to break, as it remained at the $27.9,000 price level over the same period.
Continued buying pressure will cause the bulls to turn around the $150 price level for support
Source: XMR/USDT on Trading View
The indicators on the chart showed strong buying pressure on XMR. The CMF (Chaikin Money Flow) stood at +0.26 at the time of writing, highlighting the significant capital inflows.
Similarly, the RSI (Relative Strength Index) showed strong buying pressure with a reading of 69, just on the edge of the overbought zone.
Buyers can continue the bullish trend with the next target being at the $160 resistance level. This offers buyers the opportunity to book an additional 4% gain over the price level at press time.
However, the $155 price zone could be a critical hurdle as there was strong selling pressure on August 17. This could bring sellers back into the market, with a retest of the new $150 support to the possibility.
The futures market responded with an increase in Open Interest
Source: Coinalyse
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Dates of Coinalyse showed that OI (Open Interest) increased from $23.54 million to $24.59 million in the last day. This represented an increase of 4.7%, underlining the good support for buyers in the futures market.
Likewise, the spot CVD revealed the massive demand behind XMR as it continued to rise. This could allow Monero to extend its short-term bullish run to $160.