- The 50 periods EMA (exponential moving average) is providing immediate support at the $256 level.
- On Friday, the Monero was trading sideways in a narrow range of $270 to $250.
- Forex trading participants may have an excellent sell opportunity below the $254 level.
On Friday, the Monero was trading sideways in a narrow range of $270 to $250. The XMR/USD was closed at $264.000 after reaching a high of $273.300 and a low of $259.600. After rising for four consecutive sessions, XMR/USD dropped on Thursday amid prevailing negative sentiment in the market and the rising strength of the US dollar. Monero price prediction seems neutral amid a descending triangle pattern on the 4-hour timeframe.
Monero is known for providing complete anonymity, and this feature makes Monero stand out among all cryptocurrencies. The whole crypto market is experiencing a bullish trend these days amid the increased adoption of digital assets from across the globe.
The current bullish time has prompted investors to look for the following best catch in the market. In such a time, a crypto trader and experienced analyst have suggested a possible surge in XMR prices and have explained it with a chart and technical analysis. He showed a nice support bounce on the XMR’s descending triangle. Furthermore, the prediction was met with mixed reviews, as many said they would be buying XMR. At the same time, some said that many other altcoins would also surge after XMR. Finally, some people believe that unless Bitcoin rises, nothing else will.
Monero and Bitcoin XMR/USD Correlation Support
Bitcoin and Monero have some correlation, which means a rise in BTC’s value causes a surge in XMR as it is a leading cryptocurrency. Bitcoin has been surging amid the recent increased adoption of cryptocurrencies and has kept the whole market mood positive. But on Thursday, the growing protest in El Salvador against the recently implemented Bitcoin Law caused a sudden decline in BTC/USD value, which dragged the whole market sentiment with it, including XMR/USD.
Furthermore, the comeback of the US dollar amid the higher than expected Retail Sales data also hurt XMR/USD prices as both share a negative correlation. The US Dollar Index rose to 92.96 and added further weight to XMR/USD. The greenback gathered strength as expectations for tapering clues at the upcoming fed’s monetary policy meeting increased.
Monero Price Prediction -Daily Technical Levels
Support Resistance
257.966 271.666
251.933 279.333
244.266 285.366
Pivot Point: 265.633
Monero Price Prediction – 50 EMA Underpins at $256
Monero price prediction seems neutral amid a descending triangle pattern on the 4-hour timeframe. The descending triangle pattern extends strong support at the $256 level. At the same time, the 50 periods EMA (exponential moving average) is providing immediate support at the $256 level. On the downside, the $256 support level breakout may extend the selling trend until the $243 level. An additional breakout of the $243 level exposes the pair towards the $230 level. On the bullish side, Monero may find the next resistance at the $270 and $280 levels. Further breakout of the $280 level exposes Monero’s price towards the $298 level.
On the 4-hour timeframe, the XMR/USD pair has formed a descending triangle that supports the pair at the $243 level. Typically, the descending triangle breaks on the lower side. Thus, investors need to watch the $256 level. The closing of candles below this level may help us capture a sell position in Monero.
Technical indicators such as the Stochastic RSI and the 50-period EMA are diverging. The RSI is suggesting a sell position, while the 50 EMA is supporting a buying trade. Thus, forex trading participants may have an excellent sell opportunity below the $254 level. The initial target might stay at 248 and then 243 in the coming days. Alternatively, Monero may offer a buy trade above the $256 level today. All the best.
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