Monero (XMR), an open-source cryptocurrency first focusing on privacy and decentralization, managed to initiate a price pump despite the greater majority of crypto space struggling to get out of the red zone.<\/p>\n
Monero managed to bounce back twice from its support range of $134.5
\nXMR remains \u201cin the green\u201d for its intraday, weekly and monthly price readings
\nA surge all the way to $171 is possible for Monero if it moves past its current resistance range<\/p>\n
The altcoin, for the past few days, has been on a consistent price increase, seeing all-green on its hourly, intraday, weekly and monthly levels.<\/p>\n
At press time, according to data from Coingecko<\/a>, Monero is trading at $146.56, being up by 1.8% over the last 24-hours. On a week-to-date and month-to-date basis, XMR increased by 1.3% and 4.5%, respectively.<\/p>\n But even with the recent price pumps, Monero is still far from its all-time high value of $542.33 that it hit on January 9, 2018.<\/p>\n Still, holders of the crypto should have plenty of reasons to be optimistic over the next days as the asset is leaning towards a bullish momentum.<\/p>\n Monero Price Analysis<\/p>\n XMR, just like the rest of its fellow altcoins, experienced rigid price correction as the crypto market plunged into yet another bearish cycle.<\/p>\n A look at the trading data and chart for Monero shows the cryptocurrency\u2019s fall stopped at $134.5 marker which acted as its support range last month.<\/p>\n Source: TradingView<\/p>\n Buyers took advantage of the price dump but the struggles of the crypto market prevented XMR to move past the $151.8 mark despite bouncing back twice from the mentioned support level.<\/p>\n Caught in a parallel channel pattern, Monero<\/a>, instead of continuing its decline, managed to start its bull run, steadily increasing its price by as much as 6%.<\/p>\n Volume activity is also working wonders for the asset as continued increase on it will push XMR price to $153, a level that might soon be established as the crypto\u2019s next resistance range.<\/p>\n Given the nature of its current pattern, Monero could break the overhead trendline on its way to attaining the target trading price of $171.<\/p>\n Holders Must Remain Cautious<\/p>\n Forecasts from crypto data provider Coincodex<\/a> indicate the bullish run of Monero will continue over the next five days.<\/p>\n With this, XMR is likely to breach the $153 resistance range to push its spot trading price at $154.49. This prediction supports the thesis that the asset will continue its bull momentum as it heads towards the next bear cycle.<\/p>\n From there, things will slowly take turn for the worse as the crypto is expected to drop below the $100 levels 30 days from now.<\/p>\n Specifically, Monero could be looking at trading price of $91.84 as there is extreme fear towards it according to its score in Fear and Greed Index.<\/p>\n\n XMR total market cap at $2.6 billion on the daily chart | Featured image from Smartereum, Chart: TradingView.com<\/a><\/p>\n Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Monero (XMR), an open-source cryptocurrency first focusing on privacy and decentralization, managed to initiate a price pump despite the greater majority of crypto space struggling to get out of the red zone.<\/p>\n Monero managed to bounce back twice from its support range of $134.5 The altcoin, for the past few days, has been on a consistent price increase, seeing all-green on its hourly, intraday, weekly and monthly levels.<\/p>\n At press time, according to data from Coingecko<\/a>, Monero is trading at $146.56, being up by 1.8% over the last 24-hours. On a week-to-date and month-to-date basis, XMR increased by 1.3% and 4.5%, respectively.<\/p>\n But even with the recent price pumps, Monero is still far from its all-time high value of $542.33 that it hit on January 9, 2018.<\/p>\n Still, holders of the crypto should have plenty of reasons to be optimistic over the next days as the asset is leaning towards a bullish momentum.<\/p>\n Monero Price Analysis<\/p>\n XMR, just like the rest of its fellow altcoins, experienced rigid price correction as the crypto market plunged into yet another bearish cycle.<\/p>\n A look at the trading data and chart for Monero shows the cryptocurrency\u2019s fall stopped at $134.5 marker which acted as its support range last month.<\/p>\n Source: TradingView<\/p>\n Buyers took advantage of the price dump but the struggles of the crypto market prevented XMR to move past the $151.8 mark despite bouncing back twice from the mentioned support level.<\/p>\n Caught in a parallel channel pattern, Monero<\/a>, instead of continuing its decline, managed to start its bull run, steadily increasing its price by as much as 6%.<\/p>\n Volume activity is also working wonders for the asset as continued increase on it will push XMR price to $153, a level that might soon be established as the crypto\u2019s next resistance range.<\/p>\n Given the nature of its current pattern, Monero could break the overhead trendline on its way to attaining the target trading price of $171.<\/p>\n Holders Must Remain Cautious<\/p>\n
\nXMR remains \u201cin the green\u201d for its intraday, weekly and monthly price readings
\nA surge all the way to $171 is possible for Monero if it moves past its current resistance range<\/p>\n