November 2, 2021 / Analytics

Monero Price Analysis: Stagnation Of XMR Market

monero forecast

Cryptocurrency market Monero (XMR) is trading in flat. Therefore, you should not count on a sharp change in XMR value. At best, Monero will rise to $ 290 by November 9th.

Key Points

  • XMR price is trading just above the 100-hour average ($ 269).
  • A downtrend line has formed with resistance around $ 290 on the hourly chart.
  • The nearest support barrier is located at $ 260.

The volatility of Monero rate has been falling since October 7. The price of cryptocurrency changes within a contracting triangle. Therefore, the amplitude of price fluctuations will decrease. The lines of the figure will cross on November 23, respectively, until the breakout, XMR rate will be locked in the range from $ 260 to $ 290.

xmr chart

A contracting triangle is a bearish pattern. But on the graph of the dynamics of changes in level of market capitalization of cryptocurrencies, a bullish trend dominates, and the rate of the leading digital assets Bitcoin (BTC) and Ethereum (ETH) recently reached record values. Given these facts, it can be assumed that buyers will take control of the XMR market and pump up the value of the coin. In this case, the triangle will be broken upwards and the price of the coin will rise to at least $ 340.

Stagnation Of Monero Market

After the price of XMR dropped to the bottom at around $ 170, the market reversed and the asset began to gradually rise in price. However, the peak of the third wave of the uptrend turned out to be lower than the previous high, so the hypothesis of an impending bull run turned out to be incorrect.

Now the bullish trend line is at $ 236 and acts as a key support zone. If sellers take this barrier by storm, the value of Monero will begin to plummet. Otherwise, the upward trend will continue in the market.

For the first time this year, the dynamics of changes in the XMR exchange rate is significantly inferior in percentage to the fluctuations in the value of ETH. After the completion of the dump at the end of July, Ethereum rose by 160%, while XMR – by only 51%. This fact can only be explained by the low demand for the coin. Investors don’t want to buy Monero and prefer to invest in BTC and ETH. The situation may change towards the end of the bull run in Bitcoin market, when even little-known altcoins will fly to the moon. But at the moment, XMR has little chance go to the moon.

Technical indicators:

  • 4 hours MACD is in the bullish trend zone.
  • 4 hours RSI is above 40 (in the neutral zone).
  • Major Support Level – $ 260.
  • Major Resistance Level – $ 290.
  • The nearest pivot points are $ 255 and $ 274.
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