demand for Monero increase

On the daily chart of XMR crypto, there has been a fierce price battle between bulls and bears, which caused a significant formation in price structure.

Bears have taken control and established new low and high points on the daily chart, creating a support level at $104.98. The XMR price remained steady near this crucial level for several daily sessions.

The recent Monero price has increased from the $104.98 support level on April 13th, indicating slight resistance for bears, which could suggest a resurgence of bullish momentum.

Furthermore, the XMR crypto is taking support on the dynamic resistance levels of the daily chart's 20-day and 50-day Exponential Moving Averages. Additionally, the RSI is at 54.59, finding support on the 14-SMA, while the MACD is at -1.189, indicating a bullish crossover.

As of press time, the XMR price has reacted negatively, with -1.05 % since yesterday and at $130.49. Despite the weekly upsurge of 5.49%, bears are still active.

Therefore, if the demand for Monero increases, it could experience a significant recovery from its current price point. The price may reach $140.0 next, possibly even higher at $150.0.

However, if the price of the XMR cryptocurrency falls below the $110.0 support level, it could drop further and hit even lower levels in future sessions.