Monero (XMR) is up 7.18% in the last 24 hours and has also seen a 25% increase in open interest.
This indicates strong bullish sentiment in the short term, but traders should remember that late Sunday/early Monday hours could lead to high volatility in Bitcoin (BTC) and the broader crypto market.
With this in mind, short-term traders should consider reducing their exposure. Swing traders may have a bullish bias, but may also wait for Monday’s trading to provide clues about the next move before looking to enter the market.
Here’s why Monero is poised to reach new all-time highs
Source: XMR/USDT on TradingView
In mid-December, AMBCrypto highlighted the possibility of a price decline below $400. No such decline has occurred. According to the CMF, buying pressure was neutral on the daily chart.
The MACD and moving averages have captured the strong bullish momentum, especially since early January.
The all-time high of $517.6 now remains the target, and new ATHs appear likely for Monero.
Should XMR bulls be worried?
Weekend volatility and Bitcoin slowdown could disrupt some XMR traders over the next 24 hours. The available evidence shows that the discourse on privacy was increasingly louder.
XMR has demand and any price decline is expected to stop at the $470 demand zone.
Trader Call to Action – Time to Buy XMR
Source: XMR/USDT on TradingView
The 1-hour chart shows that the 23.6% Fibonacci extension level at $480 served as support during the last few hours of trading and led to an uptick in price. Technical indicators were also decidedly bullish.
Traders should be wary of the local high $490-$500, which has been a supply zone for the past month.
Another report highlighted the $460-$470 area as a key near-term supply zone. On Saturday, January 10, this area went from supply to demand. This further strengthened the short-term bullish view of Monero.
Final Thoughts
- Monero’s price action has been bullish recently, and the privacy token could soon reach new all-time highs.
- Traders should be wary of weekend volatility, but the $460-$480 area is a key demand zone that buyers are likely to defend.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
