December 20, 2021 / Analytics

Monero Price Analysis: XMR/USD Will Get Cheaper In The Medium Term

monero forecast

There is a weakening of the bearish trend in the cryptocurrency market Monero (XMR), so a correction awaits the coin rate. If the support barrier around $ 180 holds, the coin will rise to $ 200 by December 27.

Key Points

  • The XMR price is hovering just below the 100 hour moving average ($ 184).
  • A bullish trend line is forming with support around $ 180 on the hourly chart.
  • The nearest resistance barrier is located at $ 200.

Traders sold a lot of Monero coins on December 20. However, the value of the asset did not fall below $ 179. This fact suggests that there is a strong support barrier at the $ 179 level. Moreover, XMR price did not drop below the previous bottom around $ 173 during the last dump. Both of these factors indicate an upcoming correction.

xmr chart

Apparently, Monero rate will rise to $ 200 within a week. This mark coincides with 23.6% Fib, taking into account the dump from $ 294 to $ 173. As a result of previous corrections, XMR rate increased by 9-15%, respectively, the increase in the value of the coin to $ 200 (by 12%). In addition, the EMA Ribbon indicates a reversal because throughout December the XMR has been hovering below the exponential moving average lines.

xmr chart

Monero Will Get Cheaper In The Medium Term

The chart shows that the support zone has formed in the range from $ 168 to $ 180. If sellers manage to break through this barrier, then the XMR rate will drop to $ 134 (78.6% Fib taking into account the pump from $ 26 to $ 533). Otherwise, the price of the asset will start to increase and reach $ 220.

xmr chart

On December 5, Monero broke through the bottom recorded on July 20. Therefore, the downtrend should continue in the market. The width of the contracting triangle, broken in mid-November, signals the fall of the coin to $ 76. That is, the bears will storm the 78.6% Fib and dump the asset price up to $ 76. In this case, the coin will fall in price by 86% of its peak. Drawing an analogy with the trend of 2018, we can assume that the asset rate will adjust by 50-60% from $ 134 and then collapse to $ 76.

  • Technical indicators:
  • 4 hours MACD is in a bullish trend zone.
  • 4 hours RSI is above 40 (in the neutral zone).
  • Major Support Level is $ 170.
  • Major Resistance Level is $ 200.
  • The nearest pivot points are $ 173 and $ 186.
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