The flat has ended in Monero (XMR) cryptocurrency market. The volume of sold coins increased and a downward trend emerged. Therefore, XMR/USD should drop in price to $ 210 by November 30.
Unfortunately, Monero has failed to rise from the ashes. As expected, traders broke down the contracting triangle. The bulls tried to seize the initiative and broke the line of the bullish trend that started on July 20. But cryptocurrency value did not stay in the range above $ 245 and flew down.
XMR rate will drop to $ 213 over the next week – at this mark there is 78.6% Fib, taking into account the pump, from $ 179 to $ 339. If the bears break through this barrier, then the asset value will collapse to $ 179. Otherwise, a correction to $ 240 (61.8% Fib) may occur. Now there are no objective signs of the upcoming growth of the XMR rate, respectively, the purchase of coins carries too high risks.
The future of XMR looks very bleak. Judging by the width of the contracting triangle, the bears’ target is in the region of $ 78. That is, the coin rate will be dumped by 67% from the breakout point of the pattern ($ 240). Thus, the coin will lose 85% of its all-time high ($ 518). A similar crash in the price of a coin after the end of a bull run often occurs in the crypto market and corresponds to previous cycles.
Monero flew 92% south in 2018 and bottomed out at around $ 26 in March 2020. If we draw an analogy in timing, then the asset price will drop to $ 78 by May 2022. In this case, a long-term uptrend will remain on the chart, and in the long term XMR will return the lost positions. Halving on the Bitcoin (BTC) blockchain is expected in May 2024. Therefore, over the next two years, the Monero market will be dominated by a bearish trend or flat.
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