Monero, an open-source and privacy-oriented cryptocurrency that was launched in 2014, managed the $151 marker as it rallied briefly before experiencing a slight correction.
Here’s a quick glance at XMR trajectory:
- Monero has traded in a tight range over the past two months that reached a peak at $152
- XMR can climb up to $172 by passing the critical $156 marker
- A failure to grow trading volume will likely bring the crypto down below $148
According to tracking, at the time this is being written CoingeckoAltcoin’s value is $149.10 and has fallen by nearly 1% in the past 24 hours.
The digital currency’s weekly, biweekly and monthly performance is relatively well, considering the crypto market was on an extended bearish momentum before the October 25 rally.
Monero gained 1.5% in the past seven days while the asset gained 2.8% over the previous two weeks. XMR’s price is currently at 5.4%.
The cryptocurrency has not yet reached its January 9, 2018, level despite this type of display. all-time high(ATH) $542.33. Already losing 72%.
Monero Bulls Are Struggling
Monero has traded in the tight range between $152 and $136 since September. It was subject to numerous bearish signals throughout the month including a substantial decrease of transaction counts.
But XMR Technical indicatorsThere are now signs of strong buying pressure, which could soon lead to a bullish rally.
Monero’s 12-hour Relative Strength Indicator (RSI), which was measured in Monero, climbed over the 50-nuetral level. It indicates that bulls finally gained solid ground after struggling to overcome the resistance for the asset.
XMROBV also moved past resistance, indicating that altcoin has the potential to gain momentum.
If the digital coin can reach, sustain, and exceed the $156 mark, then it will be able to confirm its bullish signals and surge to $172.
But, what if this? It can occur without an accompanying trade volume increaseThe original thesis will be invalidated, and XMR will go back to $148.
Monero Forecast also Bullish
Track online crypto currencies Coincodex’s forecasts for XMR conform to the above technical analysis for the asset’s price movement.
The virtual currency is predicted to trade at $152.9 over the next five trading days.
The next is already underway 30-daysThe spot trading price of the digital asset has been seen rising to greater levels, which appears to bode well for it.
Coincodex is confident that Monero will trade for $159.12 within 30 days. It will also enter 2022 at a price closer to $172.
XMR Total Market Cap at $2.7 Billon on Daily Chart | Featured image from Reddit, Chart: TradingView.com Disclaimer: This analysis is the author's own understanding of crypto markets and shouldn't be taken as investment advice.