Monero Price Prediction: Get read for a sell-limit at $275?

• Monero price prediction is bullish above 257 level, heading north towards the resistance level of 267 level. 
• Splunk has spotted a resurgence of the Crypto botnet malware targeting the Windows server.
• Forex trading participants may look for a sell trade below the $275 level to the target of $257.

The XMR/USD was closed at $269.000 after placing a high of $279.157 and a low of $265.613. XMR/USD reached its highest level since 19th June, near $280 on Wednesday, despite the ongoing negative development surrounding the Monero environment. On Thursday, the Monero price prediction remains bullish above the $257 level. 

The data analysis firm Splunk has spotted a resurgence of the Crypto botnet malware targeting the Windows server on Amazon Web Services to mining Monero. 

On Monday, Splunk’s Threat Research Team posted its attack analysis and suggested that it started with a probe for windows server instances running on AWS and seek those with RDP enabled.

Once the target VMs were identified, the attackers try to force passwords, and if the tactic succeeded, the attackers started installing crypto-mining tools that produce the Monero cryptocurrency. 

The detail provided by Splunk’s security team should have had a negative impact on the XMR/USD prices. However, the cryptocurrency moved higher on board and reached its almost two-month highest level on Thursday.

One of the reasons behind the rising prices of XMR/USD could be the declining prices of the U.S. dollar. On Thursday, the greenback was slightly weak across the board as the inflation data came in line with the anticipations and disappointed investors. The weak U.S. dollar added further strength to the XMR/USD and pushed its prices higher for the day.

Monero Price Prediction – Technical Levels

Support Resistance

263.357276.901

257.713 284.801

249.812 290.445

Pivot Point: 271.257

Monero Price Prediction – Double Bottom Underpind XMR at $257

Monero price prediction is bullish above 257 level, heading north towards the resistance level of 267 level. Closing of candles above 257 level is likely to trigger additional buying trends until the next resistance area of $267 level. Whereas the violation of this resistance can trigger additional buying until 277 level.  

On the 4-hourly chart, the 50 days EMA (Exponential Moving Average – Red Line) is extending strong resistance at the $272 level. Closing of XMR/USD pair below this EMA also indicates the chances of a selling trend in Monero.

Taking a look at the Oscillator indicator such as Stochastic RSI, its value is holding at 8. Therefore, the sellers are exhausted now, and bulls may start taking over. 

Since there’s a mixed bias in XMR, we should wait for a bearish breakout of 257 level to take a sell trade. The forex trading participants may look for a sell trade below the $275 level to the target of $257. Furthermore, the sell-stop can also be placed at the $255 level to capture a sell until the $243 level. All the best.  

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