- Monero’s token XMR has been rising over the positive developments surrounding the environment.
- On Friday, the Monero is trading sideways between the narrow trading range of $270 – $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 closed at $261.500 after reaching a high of $267.000 and a low of $253.700. After dropping for three consecutive sessions, XMR/USD reversed its course on Friday and recovered some of its previous losses. Monero price prediction seems neutral amid a symmetrical triangle pattern on the 2-hour timeframe.
Monero’s token XMR has been rising over the positive developments surrounding the environment. However, the recent flash crash of the whole cryptocurrency market added pressure on XMR/USD and changed its momentum.
Nevertheless, the cryptocurrency has seemed to gain its momentum back and is following the previous bullish trend triggered by the latest announcement from its developers regarding the Bitcoin to Monero atomic swap.
A few weeks back, the developers of the Monero project announced that BTC to XMR atomic swaps were now available via an implementation created by the COMIT’s asb software. It was also reported that people have started testing the protocol to let developers know of any issues if found.
The Atomic Swap Feature in Monero
According to the developers, the software was new and might have some unexpected issues or bugs, and they advised remaining careful and testing with only small amounts. Since adding this feature to the Monero network, the token XMR has seen a surge in its value and gained about 42% over the last month.
The network of Monero is well-known for its privacy attributes that are active by default, as users do not have an option to send transparent transactions.
With the new atomic swap feature, users can gain even more privacy during the swap operation. This has been providing grounds for more users to adopt Monero’s network, which ultimately added to the value of XMR/USD.
Furthermore, the rising prices of XMR/USD could also be attributed to the declining prices of the US dollar. The greenback was lower on Thursday amid increased risk sentiment in the market, and the DXY reached 92.3, which added gains in XMR/USD as both have a negative correlation.
Monero Price Prediction: Double Bottom Supports at $254
XMR/USD 2-Hour Chart
Support Resistance
254.466 267.766
247.433 274.033
241.166 281.066
Pivot Point: 260.733
Monero Price Prediction – Symmetrical Triangle to Support at $253
Monero price prediction seems neutral amid a symmetrical triangle pattern on the 2-hour timeframe. The triangle pattern is extending resistance at $270 level along with support at $260 level. On the bearish side, the XMR/USD’s support breakout of $254 can extend the selling trend until the next support level of $243.
The 50 days EMA (exponential moving average) is providing an immediate resistance at the $260 level. A closing of candles below this will add additional selling pressure on Monero prices.
On the bullish side, the breakout of $270 resistance can open further room for buying until $281 and $284 levels. The technical tools like MACD and 50 periods EMA are exhibiting a strong bearish bias. The MACD has started closing histograms below 0, demonstrating a bearish crossover.
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. All the best.
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