Monero Price Prediction: Get ready for a buy-limit at $270?

• Monero price is trading at $279.822 with a 24-hour trading volume of $208,434,085.
• Secret Monero Bridge is creating a utility for Defi that has not been possible before.
• Forex trading participants may look for a buy trade above the $270 level to the target of $285.

The XMR/USD pair maintained its early-day bullish bias and remained well supported above the $280.00 level. However, the upward rally in the Monero has emerged after the secret network declared that the Secret Monero Bridge is live on the Mainnet. The Monero price prediction remains bearish. However, the 50-period EMA is likely to support the pair at $269. 

Monero Price Review

The Monero Bridge will allow Monero (XMR) holders to access the secret Defi ecosystem directly for the very first time. Additionally, its bullish bias could be attributed to the recent positive rally in the crypto market. This was witnessed after the crypto market cap exceeded $2 trillion again as the altcoins went on a tear. Dogecoin rose by 16%, while SOL skyrocketed by 40%. Meanwhile, the BTC price started a sharp increase from the $45,500 support against the US Dollar. The BTC/USD is likely to continue trading bullish to test the $49,000 resistance zone. 

The Monero price is trading at $279.822 with a 24-hour trading volume of $208,434,085. The Monero rose by 5.80% in the last twenty-four hours. The secret network has announced that the Secret Monero Bridge is live on the Mainnet, allowing Monero (XMR) users to access the secret DeFi ecosystem directly for the first time. The Secret Monero Bridge combines the strength and adoption of Monero with the utility of the Secret Network’s programmable privacy. 

Secret Monero Bridge is creating a utility for Defi

The Secret Monero Bridge is creating a utility for Defi that has not been possible before. Furthermore, the Secret Monero Bridge permits people to convert their XMR tokens into sXMR. The sXMR tokens can be defined as a “secret” version of the XMR token native to the Secret Network, allowing users to use secret DeFi applications such as SecretSwap. 

It allows users to exchange their sXMR tokens in private for secret tokens supported by other Secret Network bridges or natives, or exchange them for SCRT. These positive headlines and performance in the crypto market played a major role in underpinning the XMR/USD coin pair. 

Monero Privacy Token Security Bug Pressures on XMR/USD

Concerns regarding the newly discovered Monero (XMR) glitch remain on the card. According to recent tweets on Monday, the privacy token Monero (XMR) software developer has found a bug that breaks its transaction privacy. Eventually, this news failed to have any notable negative impact on the Monero prices, at least for now.

Furthermore, the US dollar’s bullish bias was seen as one of the major factors that put the cover on further gains in the XMR/USD pair. The broad-based US dollar managed to extend its early morning positive performance on the USD front. 

The greenback remained well bid on the day as traders’ fears of a global economic recession amid COVID-19 cases boosted safe-haven asset demand, including the US dollar. The Taliban’s quest for power in Afghanistan and the US-Iran and Sino-American tussles also weighed on risk sentiment, which further supported the safe-haven US dollar.

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 -Upward Trendline to Underpin XMR at $270

The Monero price prediction is bullish above the 270 level. Closing a 4-hour candle above this level could bring us a buying opportunity. On the 4-hour timeframe, the XMR/USD has formed an upward trendline connecting from Aug 13 to Aug 16 lows. Therefore, the breakout of 270 support levels could drive additional selling until 261 and 252 support levels.

On the bullish side, the double top pattern will likely extend resistance at 279 and 285 levels. On the 4-hourly chart, the 50 day EMA (Exponential Moving Average – Red Line) is extending support at 274 levels. The XMR/USD pair has recently tested the EMA It seems like it’s going to close above the 274 level. If this happens, the bullish bias will dominate XMR.

Taking a peek at the Oscillator indicator such as the Stochastic RSI, its value is staying at 84. The RSI suggests bulls are exhausted, and the current bearish momentum could merely be a correction, and soon bulls could dominate the market.

Therefore, forex trading participants may look for a buy trade above the $270 level to the target of $285. Furthermore, the sell-stop can be placed at the $268 level to capture a sell until the $261 and $256 levels. All the best.  

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