Monero price remains buoyed above $300 as extreme greed drives the crypto market. The crypto fear and greed index is currently at $79 compared to the previous session and week’s level of $73.
Notably, the bullish sentiment boosted the leading cryptocurrency to its highest level since mid-May at $52,256.12. At the same time, various altcoins, just like Monero price, have exhibited a similar trend. For instance, Ethereum Classic surged to its highest level since mid-August at $77.38 earlier in the day before pulling back. Similarly, Dogecoin price is finding support at $0.3000. Earlier in the day, it hit an intraday high of $0.3200, which is its highest level since late August.
Monero price has bounced off the support zone of 300 after dropping from an intraday high of 321.77. At the time of writing, the crypto was down by 2.49% at 307.55. Notably, 300 has been a crucial support zone over the past two weeks.
On a four-hour chart, it is trading slightly above the 25 and 50-day exponential moving averages. In the ensuing sessions, I expect Monero price to continue finding support at 300. In the immediate term, its support level will likely be along the 25-day EMA at 306.30.
The bulls may attempt to retest the day’s high of 321.77. A breakout from the resistance zone of 320 will place the next target at 340. However, this thesis will be invalidated by a move below 300.