November 9, 2021 / Analytics

Monero Price Analysis: When Will Monero Start To Rise In Price?

monero forecast

The amplitude of fluctuations in Monero (XMR) cryptocurrency rate is decreasing amid a decrease in trading volume. Consequently, XMR/USD will not change sharply and will drop to $ 240 within the next week.

Key Points

  • XMR is priced above the 100-hour moving average ($ 262).
  • A bearish trend line is forming with resistance around $ 276 on the hourly chart.
  • The closest strong support barrier is located at $ 240.

Monero price is trapped in a shrinking triangle. The lower line of the pattern is now at $ 240, and the upper line is at $ 286. Most likely, the asset price will not overcome these marks until November 16. Until the end of the month, the volatility level will decrease until the triangle breaks out. Accordingly, the main question is in which direction the figure will be pierced.

xmr chart

The shrinking triangle is one of the bearish patterns, therefore, XMR rate should go down after breaking the uptrend line. But the cryptocurrency market is dominated by a bullish trend, so the value of the coin may increase, despite the negative dynamics that has been observed on the XMR chart since the end of August.

It doesn’t make sense to trade Monero right now because the risk is disproportionate to the potential profit. You can earn at best 11% profit on short positions. But if the asset price does not correct from the local bottom and rushes down, then, given the width of the triangle, the loss will be at least 61%. The most reasonable option is to wait for the breakout of the pattern and act depending on the direction of the breakout.

xmr chart

When Will Monero Start To Rise In Price?

XMR does not compete with leading cryptocurrencies in terms of market cap. Ethereum (ETH) increased by 182% after the end of the dump at the end of July, and it reached an all-time high of $ 4,843 (Bitstamp data) on November 9. Bitcoin (BTC) rate rose by 133% and on Tuesday renewed its record figure at around $ 68,564. Monero during the same period rose only by 53%.

All technical indicators except MACD and chart data indicate a bearish trend in the XMR market. The situation will change if the coin rate breaks the upper line of the contracting triangle. In this case, Monero price may rise to the previous ATH – $ 518. An upward movement will begin if there is a sharp increase in the volume of purchased coins. Most likely, the tipping point will come before the end of November, and the price of Monero will crash down or fly up.

xmr chart

Technical indicators:

  • 4 hours MACD is in a bullish trend zone.
  • 4 hours RSI index is above 60 (in the negative area).
  • Major Support Level – $ 240.
  • Major Resistance Level – $ 276.
  • The nearest pivot points are $ 264 and $ 280.
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