Monero coin price analysis: XMR set to reach $180 in the next 24 hours

Monero coin price analysis

TL;DR Breakdown

  • Monero price of the coin could reach $180 in the next 24 hours.
  • The 14-day relative strength index is lying on the neutral region.
  • The cryptocurrency heat map is in red.

Monero coin price analysis: General price overview

Monero witnessed bearish momentum towards the close of yesterday’s daily chart. Approaching the close of the day, buyers came in and pushed the prices higher. The bulls seemed to have taken charge in the early trading hours. They are in control of the entire market; Monero coin price continued surging. 2 hours later, the sellers consolidated their strengths and came in stronger, causing resistance at an intraday high of $275. The buyers pushed the price to lows of $266. 

The Relative Strength Index (RSI) is lying on the neutral region at 42. Monero is trading slightly below the 100-day simple moving average at $266. The hopes of breaking from the neutral region depend on the ability of the buyers to overcome the 100-day simple moving average. At the time of writing, bulls were in control of the market. However, they were not that strong, so the price revolved around $266.

The cryptocurrency heat map is in red. Monero has slightly dropped by a few cents. The largest digital asset (BTC) is trading at $35,110, a drop of 7.45 percent. However, the giant asset has a 46% dominance. ETH has also lost 6 percent. Currently, it is trading at $2,184.69. Bears seem to be controlling the rest of the market. Most of the altcoins have dropped in price. Cryptocurrency supporters are not pleased with such a bearish market.

Monero coin price analysis: XMR set to reach $180 in the next 24 hours 1
Cryptocurrency heat map. Source: Coin360

Monero coin movement in the last 24 hours: High volatility

Monero opened the daily trading chart at $265. The Bollinger bands widened at the start of the daily chart indicating that the coin has higher volatility. Monero relative strength index has been trading within the neutral region. However, the RSI is increasing towards the oversold region, suggesting pressure from the bulls.

Monero price analysis: 4-hour chart: Rising wedge immediately before resistance

At the time of writing, Monero is trading at $274. At the beginning of the 4-hour chart, the sellers took control of the market, making the coin’s price drop to an intraday low of $263. The bulls, however, seem to be waking up, displaying a rising wedge before facing resistance at $271.

Monero coin price analysis:1-hour chart: Monero surge trend

The 1-hour chart started with bulls controlling the market. After a few minutes later, it formed a head and shoulder pattern before dipping to $268. The buyers flooded the market, making Monero’s price surge significantly. This trend seems hard to break as the bulls are much stronger.

Monero coin price analysis
source: Tradingview

Monero coin price analysis: conclusion

Monero has started an uptrend that is not likely to be cut short as the bulls seem to outnumber the bears in the market. As a result, the price of the coin could reach $280 in the next 24 hours.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Moses Kimathi

Moses Kimathi

Nothing else motivates Moses than crypto. He loves writing and following closely events on the king of crypto. In five years time, he is looking forward to riding the crest of Cryptopolitan as the go-to site for critical thinkers and influencers.

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