Monero (XMR) Price Prediction – When will XMR hit $500?
Monero Coin (XMR) got massive users’ attention from completing the hard fork where new privacy and security features were updated.
The remarkable change from the recent hard fork was the increased ring size from 11 to 16 to ensure better user privacy. This upgrade also introduced the ‘Bulletproof” algorithm that can boost the speed and decrease the transaction size by 5-7%. Moreover, the introduction of ‘view tags’ is another feature to decrease the wallet sync time by up to 40%.
Monero has drawn massive attention from regulators and law enforcement in recent years. However, its security feature is still strong, leading investors to trust it. The platform was launched in 2014, and the main aim was to allow private transactions. In BTC transactions, the source of the original blockchain is transparent, while Monero is secure and fast, implementing advanced cryptography.
There are 18,163,251.75 XMR in circulation with a market cap of $2,628,113,754. The last 24 hours' trading volume was $158,239,989, 4.35% higher than the previous day. The all-time high was at $517.62, from where the price is trading at 71%, down to $144.40.
Let’s see the future Monero Forecast from the Monero (XMR) Price Prediction:
Monero (XMR) Continues Pushing Lower
Monero token (XMR) trades 72% lower from the all-time high, driven by the massive crypto market crash. In 2022, the selling pressure extended from the 289.20 swing high, from where the price decreased with a strong volume change.
This technical analysis shows the highest trading volume from 289.20 swing high to 97.20 swing low was at 194.00 level, which is above the current price. In that case, the primary trading idea is to consider the upcoming price direction as bearish until bulls take the price above the 194.00 level.
The price action from June to August 2022 shows a corrective pressure after forming the 97.20 bottom, from where the price trades within an ascending channel. The buying pressure became corrective after reaching the 174.40 resistance level from where a decent bearish daily close below the dynamic 20 EMA and channel support appeared.
The Relative Strength Index (RSI) also showed a strong selling pressure below the 50% level. Therefore, it can extend the current bearish pressure towards the 30% oversold level, increasing the bearish momentum for the XMR price.
Based on the daily Monero (XMR) Price Prediction, bears may join the rally driven by the channel breakout, where the main aim is to test the 97.20 support level in the coming days. On the other hand, a solid bullish recovery above the 200.00 level is needed to initiate a bullish trend towards the 289.20 resistance level.
XMRUSD Ichimoku Cloud Analysis
Based on the H4 price behavior, XMR/USD might extend the selling pressure after completing the minor bullish correction.
The current Kumo Cloud behavior shows a strong bearish breakout from the cloud resistance, violating several existing swing lows. The future cloud structure is solid for bears where Senkou Span A and B aimed lower, signifying sellers' presence in the market.
The Traders Dynamic Index Indicator, a unique tool to measure buyers' and sellers' strengths formed a divergence with the price before the breakout. Therefore, we can consider that the selling pressure from the cloud breakout came with solid momentum. However, the current TDI line reached the lower band, increasing the possibility of a minor correction towards the 158.40 level.
Based on the H4 Monero XMR Price Prediction, the bearish pressure may resume after completing a minor correction. Any strong bearish rejection from dynamic Kijun Sen or static 158.40 resistance level would increase the possibility of testing the 120.00 level.
On the other hand, the alternative approach is to find the price above the 170.00 level to extend the gain towards the 200.00 area.
XMRUSD Intraday Price Action Analysis
The visible range volume indicator shows the highest trading volume level at 161.30 level, indicating that the recent bearish breakout has strong momentum. The dynamic 20 EMA and weekly VWAP are above the price and sloping down, increasing the possibility of a bearish trend extension.
The selling pressure is also backed by a MACD Divergence, where the current MACD Histogram is extremely bearish below the neutral zone.
Therefore, the intraday price action shows a bearish possibility where any bearish rejection from 155.80 to 162.00 would be a decent short opportunity. On the other hand, the bullish recovery above the 170.00 level would eliminate the current structure and indicate a trend change.
Is Monero (XMR) A Buy?
According to the XMR Forecast, the recent channel breakout towards the sellers’ side increases the bearish possibility in this pair. Therefore, any minor bullish correction and bearish rejection from near-term resistance levels would open a trading opportunity for this pair towards the target of the 117.00 area.
Leave a Comment