Monero (XMRUSD) traded within a volatile range in recent intraday trading as the cryptocurrency attempts to rebuild positive momentum that could help it resume its gains in the near term. Momentum indicators are beginning to form a bullish crossover after reaching extremely oversold levels relative to the price action, suggesting that a bullish divergence may be developing.

This comes as the cryptocurrency continues to trade above its 50-period Simple Moving Average (SMA), which is acting as dynamic support and reinforcing the stability of the primary uptrend. Price action also continues to move alongside a short-term ascending trendline that supports the prevailing bullish trend.

Therefore, our outlook remains bullish for the cryptocurrency's upcoming intraday trading sessions, as long as support at $371.35 remains intact. Under this scenario, the price is expected to target the resistance level at $412.00.

Today's price forecast: Bullish.