October 5, 2021 / Analytics

Monero Price Analysis: XMR Is Preparing To Fly To The Troposphere

monero forecast

Monero (XMR) cryptocurrency rate has consolidated above the resistance at $ 259 and continues to grow. Therefore, the coin should rise to $ 308 by October 12th.

Key Points

  • XMR is trading above the 100 hour moving average ($ 257).
  • An uptrend line has formed on the hourly chart with support at $ 253.
  • The nearest resistance barrier is at $ 308.

The bulls broke up the contracting triangle on September 30, and the dynamics of Monero price change went beyond the bearish trend, which began in late August. The volume of coins sold still exceeds the number of purchased coins, but the asset rate is growing due to strong support. Moreover, the upward movement is accelerating on the chart.

XMR price finally consolidated above the 23.6% Fib on October 4, taking into account the dump from $ 517 to $ 179. Considering the previous trend, Monero rate will be pumped up to 38.2% Fib ($ 308). In September, buyers were unable to keep the value of the coin above this value, but this time the bulls are much more likely to keep the initiative.

xmr chart

Two factors speak for the continuation of the upward trend. First, Monero price moves in a range above the EMA Ribbon exponential moving average indicator. Secondly, the recent rise in the price of the coin may well turn out to be the third wave of the bullish trend, which will end around $ 350.

xmr chart

Monero Prepares To Fly To Troposphere

The decline in trading volume that has been observed since October 1 indicates an impending breakout. Over the next three sessions, a sharp upward movement is expected in the cryptocurrency market. Obviously, the XMR will not reach the Moon but will reach the troposphere before the next correction.

The technical analysis unequivocally speaks in favor of the bullish trend. STC and Schaff Trend Cycle indicators gave a signal about the start of an upward trend on October 4. In addition, RSI is moving steadily into the buying area. Chaikin Money Flow indicator recorded capital inflows into XMR market and moved up to the green area on Monday. Its indicator fell down again on October 5, but a similar situation occurred on September 21. After a short period of selling, coins began to actively buy, and Monero added 20% in price. If this trend repeats, then the value of XMR will rise to $ 313.

xmr chart

Technical indicators:

  • 4 hours MACD is in the bullish trend zone.
  • 4 hours RSI is above 60 (in the neutral zone).
  • Major Support Level – $ 240.
  • Major Resistance Level – $ 308.
  • The nearest pivot points are $ 250 and $ 271.
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