Monero (XMR) has emerged as the top-performing altcoin among the top 100 cryptocurrencies in the last 24 hours. This development comes amid the market’s sideways movement, as most altcoins, which had double-digit gains last week, have had to deal with consolidation or decline.
As of this writing, the 45th most valuable cryptocurrency trades at $201.75 and has increased by only 2%. Will the price continue to climb?
Monero Increases Slightly, but Traders Stay Bullish
All through last week, BeInCrypto’s daily analysis of the biggest altcoin gainers saw double-digit surges. But today, due to the low buying pressure, this has changed, making XMR the top-performing altcoin.
Despite the slight increase, it appears that traders expect XMR’s price to trade higher, according to the funding rate. The funding rate is the cost of holding an open position in the derivatives market.
When the reading is positive, it means longs are paying shorts a fee to keep their position open. In this instance, the broader sentiment is bullish. On the other hand, negative funding indicates that shorts are paying longs, and the sentiment is bearish.
Based on Santiment’s data, Monero’s funding rate is 0.14%, indicating that most positions tilt toward the bullish side. If this remains the same, then the XMR price is likely to rise due to the increasing demand in the derivatives market.
Furthermore, the Weighted Sentiment, which measures the market’s perception of a cryptocurrency, has jumped to the positive zone. When the sentiment is positive, it means most remarks about the asset are bullish.
On the other hand, a negative reading indicates 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 the altcoin.
XMR Price Prediction: Back to the Top?
The daily chart also appears to agree with an XMR price increase, particularly because of the Bull Bear Power (BBP). The BBP measures the strength of bulls compared to that of bears.
When the BBP rises, it means that bulls are in control, and the price can increase. Conversely, a drop in the indicator indicates that bears have the upper hand, and the price might fall. A closer assessment of the XMR price chart shows that it recently dropped from a peak of $222.44.
However, with bulls in control, the altcoin’s value might reverse this trend. If validated, then the token’s price can climb to $227.48 or beyond that. However, if XMR fails to hold the $201.30 support, the value might decline to $186.64 and exit the top-performing altcoin spot
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
