October 12, 2021 / Analytics

Monero Price Analysis: XMR/USD Is Waiting For Growth

monero forecast

Monero (XMR) cryptocurrency rate has been slowly creeping down over the past four days. However, the bulls should seize the initiative from the bears, so XMR/USD will rise in price to $ 300 by October 19.

Key Points

  • XMR price is trading just below the 100 hour moving average ($ 277).
  • A downtrend line has formed with resistance around $ 277 on the hourly chart.
  • The nearest barrier to support is at $ 259.

Monero rate began to be pumped on October 4. XRP/USD increased by 18% and reached $ 296 (Kraken data) in three days. But then there was a correction, and the price of the coin rolled back to $ 266. At the same time, Monero has consolidated above the 200-hour exponential moving average line, which testifies in favor of the upward movement.

xmr chart

Most likely, the bulls will make a second attempt to storm the resistance barrier at $ 300, which coincides with the 23.6% Fib, taking into account the recent pump from $ 178 to $ 340. In theory, the coin rate could correct to $ 259 (50% Fib) before the impulse movement towards $ 300. Consequently, the bet on the price rise to this barrier should be made after the rate overcomes $ 280 (38.2% Fib).

Technical Analysis Indicates A Rise In Monero Price

According to the indicators, XMR market will reverse. Since October 7, the Schaff Trend Cycle has been in the red, indicating high selling pressure. Over the past three months, the indicator has been stuck in the negative area for such a long period of time for the first time. Accordingly, the likelihood of an upward trend is increasing every day. Given the previous trends, the Monero price should rise sharply by at least 18%.

xmr chart

A similar trend is visible on STC indicator chart, which combines MACD and Slow Stochastic. Obviously, within the next two sessions, the instrument will give a signal to buy cryptocurrency.

The macro analysis results also give hope for a bright future for Monero. After reaching the bottom in the region of $ 170, the price of the asset has never dropped to this mark. In addition, an uptrend line has formed on the chart with support at $ 187. As long as the value of the coin fluctuates above this indicator, there will be a high chance of a continuation of the bullish trend.

xmr chart

Technical indicators:

  • 4 hours MACD is in the bearish trend zone.
  • 4 hours RSI is above 40 (in the neutral zone).
  • Major Support Level – $ 259.
  • Major Resistance Level – $ 300.
  • The nearest pivot points are $ 255 and $ 289.
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