December 14, 2021 / Analytics

Monero Price Analisys: Will Monero Price Renew Yearly Minimum Level?

monero forecast

The downward movement is accelerating and the volume of coins sold is growing in Monero (XMR) cryptocurrency market. Therefore, the bearish trend will continue and XMR/USD will drop to $ 150 by December 21st.

Key Points

  • XMR price dropped below the 100-hour moving average ($ 192).
  • A downtrend line has formed with resistance around $ 215 on the hourly chart.
  • The nearest support barrier is at $ 180.

Monero prices started dumping on November 15th. Over the month, XMR price decreased by 36%. It reached its lowest value since the end of May – $ 177 (Kraken data) on December 14. The chart shows that the key support barrier is located at the $ 180 level. Sellers have never consolidated below this mark since the beginning of February 2021.

xmr chart

Obviously, the fate of the XMR depends on whether the $ 180 barrier holds or not. If the bulls again take this barrier and the value of the coin bounces off it during the correction, then the Monero rate will rapidly fly down. Otherwise, the market may reverse.

Will Monero Price Renew Yearly Minimum Level?

In 2018, after a rebound from 61.8% Fib, XMR rate fell to 78.6% in three weeks. This year, the value of the cryptocurrency bounced off the 61.8% Fibonacci level on December 9. Accordingly, by the end of the month, the asset price should drop to 78.6% of Fib – $ 130 (taking into account the pump from $ 26 to $ 517). Therefore, the price of the coin will not break the bottom reached at the beginning of the year and will not renew the low.

If the bulls do not seize the initiative in December, then the bearish trend will continue in 2022. The width of the contracting triangle that was broken in mid-November suggests that sellers’ target is around $ 78. Drawing an analogy with the downtrend of 2018, it can be assumed that the Monero price will fall to this level by the end of May 2022.

xmr chart

After the end of the dump, there will be a significant correction – up to 228% in five months. Thus, it makes sense to buy coins at a minimal cost and sell them on a bounce. Working out this scenario will bring an impressive profit and make it possible to increase capital by buying assets on a new day and then selling them on correction.

Technical indicators:

  • 4 hours MACD is in the bearish trend zone.
  • 4 hours RSI index is above 30 (in the neutral zone).
  • Major Support Level – $ 180.
  • Major Resistance Level – $ 215.
  • The nearest pivot points are $ 181 and $ 188.
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