Monero (XMR), an open-source cryptocurrency that first focuses on privacy and decentralization, managed to start a price surge despite the vast majority of the crypto space struggling to get out of the red zone.

Monero managed to bounce back twice from its support range of $134.5
XMR remains “in the green” for its intraday, weekly and monthly price readings
Monero is likely to rally as high as $171 if it breaks out of its current resistance range

The altcoin, for the past few days, has seen a steady price increase, looking completely green on its hourly, intraday, weekly, and monthly levels.

At the close of this edition, according to data from Coingecko, Monero is trading at $146.56, up 1.8% in the last 24 hours. On a weekly and monthly basis, XMR increased by 1.3% and 4.5%, respectively.

But even with the recent price increases, Monero is still far from its all-time high value of $542.33 that it reached on January 9, 2018.

Still, holders of the crypto should have plenty of reason to be optimistic in the coming days as the asset heads for bullish momentum.

Monero Price Analysis

XMR, like the rest of its fellow altcoins, saw a stark price correction as the crypto market plunged into another bear cycle.

A look at the trading data and chart for Monero shows that the cryptocurrency’s decline has stopped at the $134.5 marker, which acted as its support range last month.

Source: TradingView

Buyers took advantage of the price dump, but crypto market difficulties prevented XMR from breaking above the $151.8 mark despite bouncing back from the mentioned support level twice.

Stuck in a parallel channel pattern, Monero, instead of continuing its decline, managed to start its bull run, steadily increasing its price by up to 6%.

The volume activity is also doing wonders for the asset as the continued rise will take the price of XMR to $153, a level that could soon establish itself as the crypto’s next resistance range.

Given the nature of its current pattern, Monero could break the general trend line on its way to reaching the trading price target of $171.

Holders must remain cautious

Crypto Data Provider Forecasts Coincodex indicate that the Monero bull run will continue for the next five days.

With this, XMR is likely to break out of the $153 resistance range to push its spot trading price to $154.49. This prediction supports the thesis that the asset will continue its bullish momentum as it heads into the next bearish cycle.

From there, things will slowly get worse as cryptocurrencies are expected to drop below the $100 levels within 30 days.

Specifically, Monero might be looking for a trading price of $91.84, as there is extreme fear towards it based on its Fear and Greed Index score.

Total XMR Market Cap at $2.6 Billion on the Daily Chart | Smartereum Featured Image, Chart: Disclaimer: Analysis represents the personal views of the author and should not be construed as investment advice.

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