March 14, 2022 / Analytics

Monero Price Analysis: There Is a Reverse In The Market

monero forecast

Monero (XMR) cryptocurrency market has reversed, and the value of the asset has begun to rise. Therefore, XMR/USD should rise in price to $211 by March 21.

Key Points

  • XMR price is trading above the 100-hour moving average ($177).
  • The coin exchange rate has overcome the resistance barrier at $182.
  • The nearest support barrier is around $160.

A powerful Monero price pump began on March 7. The price of the asset soared by almost 36% in 31 hours and reached its highest value since January 20. However, a large number of coins were sold at the peak, and the cryptocurrency rate collapsed by 21%.

The bulls took over late last week and again broke through the resistance barrier at $182, which is the same as 23.6% Fib with a $340 to $132 dump. The price of the coin again corrected below this barrier, but on Monday it exceeded $182 for the third time.

xmr chart

There are two possible scenarios for the development of events in the market. The XMR rate will immediately rise to $211 (38.2% Fib) or first fall to the bullish trend line (to about $170) and then rise to $200. Given the current momentum of the uptrend, the first option seems more likely.

xmr chart

Monero Price Could Rise To $300

If the bulls keep control of the market and XMR price does not fall below the bottom at $132, the protracted bearish trend can be considered completed. In this case, it is worth drawing an analogy with the upward trend at the turn of 2018 and 2019 and assuming that the coin rate will increase to $300 by mid-August.

During the downward trend that started in May last year, the price of the coin fell by 74%. As a result of the dump in 2018, the value of Monero decreased by 92% in a year. Accordingly, it is necessary to take into account the scenario in which the XMR rate will collapse to $40 by mid-May. However, this outcome is extremely unlikely.

Technical indicators:

  • 4 hours MACD is in the bearish trend zone.
  • 4 hours RSI is above 50 (in the neutral area).
  • The main support level is $160.
  • The main resistance level is $211.
  • The nearest pivot points are $179 and $204.
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