March 28, 2022 / Analytics

Monero Price Analysis: XMR/USD Market Has Reversed

monero forecast

Monero (XMR) cryptocurrency market is in a bullish trend, but trading volume is falling. Therefore, the coin will rise in price at best to $235 by April 4th.

Key Points

  • XMR is trading above the 100-hour moving average ($205).
  • An uptrend line has formed on the hourly chart with support at $190.
  • The nearest resistance barrier is at $224.

Buyers broke through the 38.2% Fib ($212) and fixed above this barrier on March 27, taking into account the dump from $340 to $132. Accordingly, with a high degree of probability, XMR/USD will continue to rise, and within a week the price of the coin will reach $235 (50%  Fib).

xmr chart

Judging by the decrease in trading volume, the bullish trend is fizzling out. Therefore, buyers have little chance of breaking through the strong resistance barrier at $235 on their first attempt. If the bears seize the initiative, then XMR will fall in price to $212 (38.2% of the Fib) and then begin to rise in price again.

Monero Market Has Reversed

Traders managed to overcome the bearish trend line that started at the end of August 2021. Contrary to the expectations of some analysts, the shrinking triangle has broken upwards. Therefore, the hypothesis about the upcoming dump of the Monero course turned out to be incorrect.

xmr chart

Breaking the downtrend line signals a reversal in the market. However, in order to develop success, buyers need to gain a foothold above the 23.6% Fib ($224), taking into account the depreciation of the coin from $517 to $132. If the bulls complete this task, then the next target for the uptrend will be $280 (38.2% Fib).

xmr chart

In the case of buyers fiasco, XMR will drop to the bearish trend line, which will play the role of a powerful support zone. On April 4, it will be held in the region of $209, respectively, within the next week, the price of the cryptocurrency will decrease to a maximum of $209.

Technical indicators:

  • 4 hours MACD is in the bullish trend zone.
  • 4 hours RSI is above 70 (in the negative area).
  • The main support level is $190.
  • The main resistance level is $224.
  • The nearest pivot points are $206 and $225.
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