Monero, an open-source cryptocurrency focusing first on privacy (XMR), managed to launch a price lift despite much of the rest of crypto space being stuck in the red zone.
- Monero has managed to recover twice from the $134.5 support range
- XMR remains “in the green” for its intraday, weekly and monthly price readings
- Monero can surge up to $171, if the resistance levels are cleared.
For the past several days, altcoin prices have been rising steadily. They are now at all-green levels on their hourly, intraday and weekly levels.
According to data from, CoingeckoMonero trades at $146.56 and has increased 1.8% in the past 24 hours. XMR was up 1.3% and 4.5% respectively on a week to-date and month basis.
Even with recent price pump, Monero remains well below its record $542.33 value on January 9, 2018.
However, crypto holders should be encouraged over the following days because the asset seems to be moving towards bullish momentum.
Monero Price Analysis
XMR experienced a rigid price correction, like all the altcoins it was paired with, as the market fell into another bearish cycle.
A look at the trading data and chart for Monero shows the cryptocurrency’s fall stopped at $134.5 marker which acted as its support range last month.
TradingView
The price dump was taken advantage by buyers, but the struggle of the cryptocurrency market kept XMR below the $151.8 level despite bouncing back two times from that support level.
Monero was caught in a parallel channel pattern and instead of continuing to decline, it started its bull run by steadily increasing its value up to 6%.
Volume activity is also working wonders for the asset as continued increase on it will push XMR price to $153, a level that might soon be established as the crypto’s next resistance range.
Monero may break the overhead trendline based on the current patterns it is following, if necessary to achieve the trading target of $171.
Keep your eyes open for potential dangers
Forecasts using crypto data provider CoincodexThe bullish Monero trend will be maintained for the next five trading days.
This means that XMR will likely surpass the $153 support range and reach $154.49. This forecast supports the hypothesis that the asset will maintain its bull momentum in the coming bear cycles.
The crypto will drop to below $100 in the next 30 days.
Monero might be considering a $91.84 trading price, as it has extreme fear of Monero according to Fear and Greed Index.
XMR market capital at $2.6 Billion on daily chart| Featured image from Smartereum, Chart: TradingView.com Disclaimer: The author's analysis should not be taken as investment advice.
