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Monero price analysis: XMR likely to hit $280 in a bullish market

Monero price analysis XMR likely to hit in a bullish market

TL;DR Breakdown

  • Monero price analysis shows a bullish momentum.
  • XMR price is likely to get past the $280 mark in the current momentum.
  • Strong support is found at the $265 mark.

Monero price analysis charts show that the cryptocurrency is going strong for a bullish momentum with a small cup and handle pattern forming up on the 4-hours candlestick chart. The cryptocurrency is being traded for $268.27 at the time of writing, with bulls clearly leading the market into a new high. It appears that Monero price movement is following the Bitcoin price movement very closely.

Monero price analysis: 4-hours candlestick show cup and handle pattern

Monero is always largely dependant on Bitcoin price movement. Today, it appears that the currencies are in identical movements since, on the 4-hours candlestick chart, both Bitcoin and Monero are displaying a cup and handle pattern formation. However, Monero is showing less volatility than Bitcoin on the 4-hours chart. Bollinger’s band shows that the volatility is decreasing for the cryptocurrency on the 4-hours chart, with the lower value standing at the $256.68 mark and the upper value standing at the $274.70 mark.

Monero price analysis: XMR likely to hit $280 in a bullish market 1
XMR/USD 4hour price chart. Source: Trading View

Moving average shows strong support is present at the $264.72 mark, while the support level, per the Bollinger’s band, stands slightly higher at the $265.69 mark. The most important factor that is showing some promise for the bulls to continue is the 59.45 relative strength index (RSI) score. The RSI score shows that the market is neither overbought nor oversold but rather in a healthy position.

Monero price analysis: the 1-day chart shows higher volatility

On the other hand, the 1-day candlestick Monero price analysis chart shows that the cryptocurrency has a higher volatility than displayed in the 4-hours chart. The Bollinger’s band upper value stands at the $277.94 mark, while the lower-level value stands at the $189.55 mark, making the volatility curve much higher than the 4-hours chart.

Monero price analysis: XMR likely to hit $280 in a bullish market 2
XMR/USD 1-day price chart. Source: Trading View

The moving average serving as strong current support stands at the $250.29 mark, while the Bollinger’s band support level is found at the $233.74 mark. The last signal for the XMR/USD price chart stands slightly bearish rather than the bullish sign. The RSI also stands higher on the 1-day candlestick chart at the 66.14 score mark; however, even higher is well within the safe RSI score lists.

Monero price on technical indicators

The technical indicators show the overall market sentiment. Out of the 26 indicators, as many as 15 indicators show a buying indication, while 10 indicators stand neutral, with only one signalling the sell indication.

Monero price analysis: XMR likely to hit $280 in a bullish market 3
XMR/USD technical indicators chart. Source: Trading View

Out of the 11 oscillators, only two indicators are giving a buy signal with nine standing neutral and out of the 15 moving averages, as many as 13 giving a buy indication, with only one on sell and one on the neutral indication.

Conclusion

The XMR/USD price pair is going in strong bullish momentum on the short term charts while the long term charts also show a deviation from the bearish pattern into a bullish momentum. If the current cup and handle pattern continues to persist the cryptocurrency is likely to break past the $270 mark and stay above it before going in to test the $280 mark.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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