Monero (XMR) cryptocurrency market continues its upward trend, but the trading volume is falling. Therefore, the coin should rise in price to a maximum of $220 by March 28.
Buyers managed to keep the price of Monero in a range above the $180 support zone, coinciding with 23.6% Fib, taking into account the dump from $340 to $132. The next target for the bulls is in the $211 area (38.2% Fib). XMR fell to the 200 hour exponential moving average (blue line on the chart) and bounced off the EMA on Monday. This fact testifies in favor of the rise in the price of the coin to $211.
There are two possible scenarios after reaching 38.2% Fib. If Monero starts to be actively sold, as happened on March 9, then the cryptocurrency rate will correct to the bullish trend line, which will be around $200. If the bears do not activate, then the value of the virtual currency will rise to $220 – 23.6% Fib, taking into account the dump from $517 to $132.
The bulls still have not been able to storm the line of the protracted bearish trend that started in August 2021. In March, the coin rate bounced off this barrier three times and now fluctuates under this barrier. Accordingly, it is too early to talk about a reversal in the market. Obviously, the downtrend line, which is now passing through the $200 mark, plays the role of a powerful barrier. Therefore, fixing above it will mean a continuation of the coin’s value pump.
The positive news is that the bearish and bullish trendlines will cross on March 30th. Therefore, the fate of Monero will be known before the end of the month. Taking into account the width of the shrinking triangle, we can assume that if the uptrend wins, the value of XMR will increase to $280. If the bearish trend takes over, then the Monero price will fall to $100.