Monero climbs 6% in the last 3 days

Monero (XMR), an open-source cryptocurrency focusing on privacy and decentralization first, has managed to initiate a price pump despite the vast majority of the crypto space struggling to break out of the red zone.

  • Monero managed to rebound twice from its $134.5 support range
  • XMR remains “in the green” for its intraday, weekly and monthly price readings
  • A push up to $171 is possible for Monero if it breaks above its current resistance range

The altcoin, over the past few days, has seen a steady rise in price, seeing all green on its hourly, intraday, weekly, and monthly levels.

At the time of going to press, according to data from Quinceko, Monero is trading at $146.56, up 1.8% in the past 24 hours. On a weekly and monthly basis, XMR increased by 1.3% and 4.5%, respectively.

But even with the recent price pumps, Monero is still far from its all-time high of $542.33 that it reached on January 9, 2018.

Still, holders of the crypto should have plenty of reason to be optimistic over the coming days as the asset leans towards bullish momentum.

Monero Price Analysis

XMR, much like the rest of its fellow altcoins, experienced a rigid price correction as the crypto market plunged into a new bear cycle.

A look at Monero’s trading data and chart shows that the cryptocurrency’s slide stopped at $134.5, which served as a support range last month.

Source: TradingView

Buyers took advantage of the price drop, but the struggles in the crypto market prevented XMR from breaking above the $151.8 mark despite bouncing twice from the mentioned support level.

Caught in a parallel channel pattern, Monero, instead of continuing its decline, managed to start its bull run, steadily increasing its price by up to 6%.

Volume activity also works wonders for the asset, as a continued rise in it will push the price of XMR to $153, a level that may soon be set as the next resistance range for the crypto.

Given the nature of its current pattern, Monero could break the general trendline en route to hitting the target trading price of $171.

Wearers should be careful

Crypto data provider predictions Coincodex indicate that Monero’s bull run will continue over the next five days.

With that, XMR is likely to break through the $153 resistance range to push its spot trading price to $154.49. This prediction supports the thesis that the asset will continue its bullish momentum as it heads into the next bearish cycle.

From here, things will slowly get worse as the crypto is expected to drop below the $100 levels in 30 days.

Specifically, Monero might be looking at a trading price of $91.84 as it instills extreme fear towards it according to its score in Fear and Greed Index.

XMR total market cap at $2.6 billion on the daily chart | Featured image from Smartereum, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.
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