The Monero price is leading the gains on Thursday as all the major cryptos flash red. XMR price is up 3.57% over the last 24 hours to trade at $167 as of 3:30 am ET.
With this performance, Monero is the biggest gainer among the top 100 cryptocurrencies by market capitalization according to data from CoinMarketCap
Top gainers Feb. 1. Source: CoinMarketCap
What are the key levels to watch out for Monero in the long term?
XMR price trades above a significant support zone
The Monero price is trading in a second green session on the daily chart with the bulls determined to recoup all the losses incurred on Jan. 30.
At the time of writing, XMR was fighting resistance from $170. A daily candlestick close above this level would suggest the ability of the buyers to sustain the higher levels. These bulls will then be bolstered to push the price first toward the Dec. 28, 2023 high at $180, and later to the $200 psychological level. Such a move would represent a 20% ascent from the current price.
Supporting the bullish thesis for the XMR token was the upward facing relative strength index (RSI). The price strength at 58 suggested that the buyers had began dominating the market.
Perhaps the most important technical indicator supporting Monero’s upward thesis is the major support zone between $160 and $161.26. Note that this is where the 50-day exponential moving average (EMA), the 100-day EMA and the 200-EMA lie.
As such, any attempts to pull the XMR price below this level would be met by intense buying from this cohort of buyers who would want to increase their profits.
Other levels to watch on the downside are $155 and the psychological levels ast $150 and $140 respectively.