The Monero price prediction by Crypto Mathemagician has suggested an ascension towards the $141.05 level. The cryptocurrency observed many ups and downs on the 10th of November.
1-Day Monero price analysis
Monero was priced at $117 US Dollars at the time of writing on Bitfinex.
What to expect from Monero?
The Trading View analyst Nagiha Toum has highlighted bullish patterns on the XMRUSD charts. The analyst believes that the price has hit a double bottom pattern and now it will rise towards the upside.
Looking at the chart above, we can see that XMR has been trending upwards for a while now, the cryptocurrency also saw a bunch of pullbacks. The price has formed a downward triangle below a very long ascending trendline. XMR price also hit the double bottom near $108, and it is expected to break the triangle and move upwards.
If we look at the Relative Strength Index (RSI), it also appears to be moving inside an ascending channel with plenty of room to move upwards. The RSI has also hit the bottom of the channel, and the analyst believes that there’s no chance for the cryptocurrency to fall bearish here. The price is supposed to continue moving upwards, which will be followed by a test of the ascending trendline. If this key trendline is broken, the cryptocurrency will rise to $200.
What’s next for XMRUSD?
A falling broadening wedge can be seen on the 1D time frame for XMRUSD, the chart below shows that the price has moved above this wedge pattern and it now rests on a flat resistance-turned-support at $113.
The analyst believes that another wave is progress, and the price is in a long and bullish position. The XMRUSD pair is expected to go up from here, with more than 300% gains per the analyst. The target for this long-term trade lies above the $400 mark.
Monero price prediction: Rise towards $141 ahead?
Supports were formed by the XMRUSD pair in the $80 to $120 range, and the price is now expected to test the higher resistances in the setup.
The $120 mark is being tested by Monero, and the price will soon break towards the upside if the market looks good and Bitcoin continues to rise. Looking at the previous ideas, if they come to play, XMR should move above the $120 mark and look to test the $140 resistance. For this trade, the next target lies in the $120 to $140 range, with the take profit at $141.050. Monero is looking good right now in the cryptocurrency market.
Monero technical indicator movement
The Relative Strength Index (RSI) held at 65.96, which means that its closer to the overbought region and appears to move upwards. The price was testing the upper Bollinger band with the midline as support. The price volatility decreased near the time of writing.