Monero (XMR), an open-source cryptocurrency first focusing on privacy and decentralization, managed to initiate a price pump despite the greater majority of crypto space struggling to get out of the red zone.
Monero managed to bounce back twice from its support range of $134.5
XMR remains “in the green” for its intraday, weekly and monthly price readings
A surge all the way to $171 is possible for Monero if it moves past its current resistance range
The altcoin, for the past few days, has been on a consistent price increase, seeing all-green on its hourly, intraday, weekly and monthly levels.
At press time, according to data from Coingecko, Monero is trading at $146.56, being up by 1.8% over the last 24-hours. On a week-to-date and month-to-date 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 value of $542.33 that it hit on January 9, 2018.
Still, holders of the crypto should have plenty of reasons to be optimistic over the next days as the asset is leaning towards a bullish momentum.
Monero Price Analysis
XMR, just like the rest of its fellow altcoins, experienced rigid price correction as the crypto market plunged into yet another bearish cycle.
A look at the trading data and chart for Monero shows the cryptocurrency’s fall stopped at $134.5 marker which acted as its support range last month.
Buyers took advantage of the price dump but the struggles of the crypto market prevented XMR to move past the $151.8 mark despite bouncing back 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 as much as 6%.
Volume activity is also working wonders for the asset as continued increase on it will push XMR price to $153, a level that might soon be established as the crypto’s next resistance range.
Given the nature of its current pattern, Monero could break the overhead trendline on its way to attaining the target trading price of $171.
Holders Must Remain Cautious
Forecasts from crypto data provider Coincodex indicate the bullish run of Monero will continue over the next five days.
With this, XMR is likely to breach the $153 resistance range to push its spot trading price at $154.49. This prediction supports the thesis that the asset will continue its bull momentum as it heads towards the next bear cycle.
From there, things will slowly take turn for the worse as the crypto is expected to drop below the $100 levels 30 days from now.
Specifically, Monero could be looking at trading price of $91.84 as there is 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.