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.
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.
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.
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.
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.