December 27, 2021 / Analytics

Monero Price Analysis: A Reversal May Occur In Monero Market

monero forecast

The correction has surpassed all the wildest expectationsn in Monero (XMR) cryptocurrency market. The bulls have broken through the powerful resistance barrier at $ 215, so the coin should rise to $ 240 by January 3.

Key Points

  • XMR is trading above the 100 hour moving average ($ 209).
  • An uptrend line has formed on the hourly chart with support around $ 200.
  • The nearest resistance barrier is at $ 240.

Monero rate dropped to its lowest level in the last three months – $ 176 (Kraken data) on December 17. After a three-day flat, a correction began, as a result of which the coin rate increased by 26% in a week. We predicted a pump of up to $ 200, however, buyers overcame this barrier on the second try, and the coin’s value continued to rise.

xmr forecast

The bulls took the $ 215 resistance barrier on Monday, coinciding with 23.6% Fib, taking into account the dump from $ 340 to $ 176. Moreover, the dynamics of changes in the price of the cryptocurrency fixed above the exponential moving average indicator EMA Ribbon. These factors point to an increase in the XMR rate to $ 240 within a week. At this mark, there is a 38.2% Fibonacci level, respectively, the asset rate should rebound from $ 240 and decline by at least 5%.

A Reversal May Occur In Monero Market

XMR rate has been changing within the descending channel since the beginning of November. But the situation changed on December 23, when the virtual currency rate broke the bearish trend line. In addition, Bart Simpson’s inverted head is forming on the chart. If this pattern is fulfilled, then the value of Monero will increase to $ 245.

xmr forecast

The RSI is still in the neutral zone. Therefore, the coin will be in the overbought zone only in the event of a pump up to $ 245-250. Moreover, the preservation of the bullish trend is signaled by the MACD index, which has been steadily increasing since the beginning of December.

xmr forecast

A full reversal is possible in the market if the XMR rate consolidates above $ 245. In this case, the price of the coin will rise to $ 260 (50% Fib). If the bears intercept the initiative, then the value of the coin will roll back towards $ 200.

Technical indicators:

  • 4 hours MACD is in a bullish trend zone.
  • 4 hours RSI is above 70 (in the neutral zone).
  • Major Support Level – $ 215.
  • Major Resistance Level – $ 240.
  • The nearest pivot points are $ 204 and $ 230.
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