Monero (XMR), an open-source, privacy-oriented cryptocurrency launched in 2014, managed to reach the $151 marker on November 2 as it briefly rallied before it experienced slight price correction.<\/p>\n
Here\u2019s a quick glance at XMR trajectory:<\/p>\n
Over the last two months, Monero traded at a narrow range that peaked at $152
\nSurpassing the crucial $156 marker will enable XMR to climb all the way to $172
\nFailure in increasing trading volume will most likely pull the crypto down to $148<\/p>\n
At the time of this writing, according to tracking from Coingecko<\/a>, the altcoin is changing hands at $149.10, going down by almost 1% over the last 24 hours.<\/p>\n The digital currency\u2019s weekly, biweekly and monthly performance is relatively well, considering the crypto market was on an extended bearish momentum before the October 25 rally.<\/p>\n During the last seven days, Monero managed to go up by 1.5% while over the last two weeks, the asset increased by 2.8%. On a month-to-date gauge, XMR is on the midst of a 5.4% price surge.<\/p>\n Even with this kind of showing, the cryptocurrency is still nowhere close to its January 9, 2018 all-time high<\/a> (ATH) of $542.33, already losing more than 72% of that value.<\/p>\n Since September, Monero traded within the narrow range of $152 and $136 as it was the subject of numerous bearish signals during the month, including a significant decrease in transaction count.<\/p>\n But XMR technical indicators<\/a> now are showing signs of good buying pressure that may soon translate into a bullish rally.<\/p>\n Source: TradingView<\/p>\n For instance, the 12-hour Relative Strength Index (RSI) of Monero managed to climb above the 50-nuetral zone indicating that bulls, which struggled to break the resistance marker for the asset, were finally able to gain solid footing in the market.<\/p>\n Furthermore, XMR OBV was able to move past the resistance zone, denoting that the altcoin is primed for an upward momentum.<\/p>\n In summary, if the digital coin manages to reach, sustain and surpass the $156 marker, it will confirm the bullish signals sent by its technical indicators and will surge all the way up to $172.<\/p>\n However, should this happen without accompanying trading volume increase<\/a>, the earlier thesis will be invalidated and XMR will be pulled back down to $148.<\/p>\n Online crypto tracker Coincodex<\/a>\u2019s forecasts for XMR conform to the above technical analysis for the asset\u2019s price movement.<\/p>\n Accordingly, over the next five days, the virtual coin is expected to reach its crucial resistance marker as it is forecasted to trade at $152.9.<\/p>\n Meanwhile, the next 30 days<\/a> appears to be good for the digital asset as its spot trading price is seen to climb to even higher levels.<\/p>\n Coincodex believes Monero will trade at $159.12 30 days from now as it will enter the last month of 2022 with a value that is closer to the $172 target.<\/p>\n\n XMR total market cap at $2.7 billion on the daily chart | Featured image from Reddit, Chart: TradingView.com<\/a><\/p>\n Disclaimer: The analysis represents the author’s personal understanding of the crypto market and should not be construed as investment advice.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Monero (XMR), an open-source, privacy-oriented cryptocurrency launched in 2014, managed to reach the $151 marker on November 2 as it briefly rallied before it experienced slight price correction.<\/p>\n Here\u2019s a quick glance at XMR trajectory:<\/p>\n Over the last two months, Monero traded at a narrow range that peaked at $152 At the time of this writing, according to tracking from Coingecko<\/a>, the altcoin is changing hands at $149.10, going down by almost 1% over the last 24 hours.<\/p>\n The digital currency\u2019s weekly, biweekly and monthly performance is relatively well, considering the crypto market was on an extended bearish momentum before the October 25 rally.<\/p>\n During the last seven days, Monero managed to go up by 1.5% while over the last two weeks, the asset increased by 2.8%. On a month-to-date gauge, XMR is on the midst of a 5.4% price surge.<\/p>\n Even with this kind of showing, the cryptocurrency is still nowhere close to its January 9, 2018 all-time high<\/a> (ATH) of $542.33, already losing more than 72% of that value.<\/p>\n Since September, Monero traded within the narrow range of $152 and $136 as it was the subject of numerous bearish signals during the month, including a significant decrease in transaction count.<\/p>\n But XMR technical indicators<\/a> now are showing signs of good buying pressure that may soon translate into a bullish rally.<\/p>\n Source: TradingView<\/p>\n For instance, the 12-hour Relative Strength Index (RSI) of Monero managed to climb above the 50-nuetral zone indicating that bulls, which struggled to break the resistance marker for the asset, were finally able to gain solid footing in the market.<\/p>\n Furthermore, XMR OBV was able to move past the resistance zone, denoting that the altcoin is primed for an upward momentum.<\/p>\n In summary, if the digital coin manages to reach, sustain and surpass the $156 marker, it will confirm the bullish signals sent by its technical indicators and will surge all the way up to $172.<\/p>\n However, should this happen without accompanying trading volume increase<\/a>, the earlier thesis will be invalidated and XMR will be pulled back down to $148.<\/p>\n Online crypto tracker Coincodex<\/a>\u2019s forecasts for XMR conform to the above technical analysis for the asset\u2019s price movement.<\/p>\n Accordingly, over the next five days, the virtual coin is expected to reach its crucial resistance marker as it is forecasted to trade at $152.9.<\/p>\nMonero Bulls Are Struggling<\/h2>\n
Price Forecast For Monero Also Bullish<\/h2>\n
\nSurpassing the crucial $156 marker will enable XMR to climb all the way to $172
\nFailure in increasing trading volume will most likely pull the crypto down to $148<\/p>\nMonero Bulls Are Struggling<\/h2>\n
Price Forecast For Monero Also Bullish<\/h2>\n