- Monero price has surged by almost 30% in the past 3 weeks.
- XMR cryptocurrency observed an open interest of $400K on the long side against the $27.7K open Interest on the short side in the last 24 hours.
- Monero (XMR) price forms a symmetrical triangle pattern and it is currently trading near the upper trendline of the pattern.
Monero (XMR) is a private, decentralized cryptocurrency based on the open-source CryptoNote code which focuses on privacy and fungibility. Its primary objective is to ensure transactions confidently by making them untraceable and secure.
Monero (XMR) price is currently trading at $167.4 and is up by 3% from the previous day’s closing. It holds a market cap of $3,066,956,169 and ranks 25th out of all cryptocurrencies. It receives a daily volume of $62,959,181. The volume-to-market cap ratio of XMR is 2.5% which shows that the coin is stable and less volatile at the time.
Monero price prediction highlights that the past few months were not good for the crypto as it was highly volatile and trying to stabilize itself after a declination phase. Since June 2022, the prices started forming a symmetrical triangle pattern. The price was moving in a range forming higher lows and lower highs. Currently, the price is trying to sustain at the upper trendline of the symmetrical triangle pattern so formed.
Monero (XMR) Price Technical Analysis
Source: XMR/USD by TradingView
Monero price is currently trading at $167.5 and trying to sustain at the upper trendline of a symmetrical triangle pattern so formed in a daily timeframe. If the price is able to sustain at the current level, then in the coming weeks a possible breakout may be seen in the XMR cryptocurrency. The price may seem to change its trend from short-term bullishness to a long-term upward rally. If the price shows a breakout from the current level, then in the coming weeks XMR may seem to be trading near $200 and $220.
However, if the price fails to break and close above the trendline then again sellers may try to dominate the market and push the price to test the lower trendline.
As per the indicator-wise analysis of XMR cryptocurrency, the chart shows that the price is currently trading above 20 and 50 EMA and below 100 EMA in the weekly chart and trying to take support from 50 EMA which shows short-term buyer’s presence in the market.
Source: XMR/USD by TradingView
The RSI value for Monero (XMR) is 57.37 and that of 14 SMA is 49.25. The RSI line is above the SMA line and headed toward the upside which indicates the buyer’s strength in pushing the prices higher.
MACD has made a bullish crossover and histogram bars have also started forming above the mean which gives a short-term bullish signal.
Conclusion
Monero’s (XMR) price prediction indicates that it was trying to form a symmetrical triangle pattern since the last year. Currently, the range of the symmetrical triangle pattern has contracted enough to give a breakout to either side. Currently, the price made a bullish move and it is trying to sustain near the upper trendline of the pattern formed. If the price makes a breakout, an upside rally may be seen in the upcoming weeks.
However, if the price fails to make a breakout and reverses back then it may again head up to the lower trendline of the pattern.
Technical Levels
- The support levels at $126.6 and $108.4
- The resistance levels at $198.3 and 218.3
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
