Can Top Performing Altcoin XMR Maintain the Position?
Monero (XMR) has become the best-performing altcoin among 100 cryptocurrencies in the past 24 hours. This development comes against the backdrop of sideways movements in the market, as most altcoins that saw double-digit gains last week had to contend with consolidation or declines.
As of this writing, the 45th most valuable cryptocurrency is trading at $201.75, up just 2%. Will prices continue to rise?
Monero edged higher, but traders remain bullish
All last week, Daily analysis of BeInCrypto The top altcoins saw double-digit surges. But today, that has changed due to lower buying pressure, making XMR the top-performing altcoin.
Despite the slight increase, traders appear to expect Price of XMR to Trading higher, Based on the funding rate. Financing rates are the cost of holding an open position in the derivatives market.
When the reading is positive, it means bulls are taking profits shorts The cost of holding a position. In this case, the broader sentiment is bullish. On the other hand, negative funding indicates that shorts are paying longs and market sentiment is bearish.
According to data from Santiment, Monero’s funding rate is 0.14%, indicating that most positions are leaning towards the bullish side. If this situation remains, then XMR price is likely to increase due to increased demand in the derivatives market.
Additionally, the weighted sentiment, which measures market sentiment towards the cryptocurrency, has jumped into positive territory. When sentiment is positive, it means that most reviews about the asset are bullish.
On the other hand, negative readings indicate that the average sentiment surrounding the asset is bearish. Given the positive sentiment reading for XMR, this suggests that growing optimism could drive increased demand for XMR Altcoins.
XMR Price Prediction: Back to the Top?
The daily chart also seems consistent with the following sentiment: XMR price risesespecially because of Bull-Bear Power (BBP). BBP measures the strength of bulls versus bears.
When BBP rises, it means the bulls are in control and the price can rise. On the contrary, a decrease in the indicator indicates that bears have the upper hand and the price is likely to fall. A more careful assessment XMR price chart display It recently fell from a peak of $222.44.
However, the value of altcoins could reverse this trend as bulls take control. If verified, the coin’s price could climb to $227.48 or higher. However, if XMR fails to hold the $201.30 support, its value could drop to $186.64 and exit the top-performing spot altcoin
Disclaimer
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