Monero News

Monero price prediction: XMR falling towards $100, analyst

TL;DR Breakdown

  • Monero price prediction expects a fall towards $100.
  • Strong support resisting the drop lies at the $138 mark.
  • Strong upward resistance currently lies at the $$143 mark.

The Monero price prediction by Alvarogctmr shows that the cryptocurrency will move short towards the $100 mark. Per the analyst, the cryptocurrency will bounce off at this support region and retest the $140 resistance to resume its price continuation. On the 21st of January, the XMR price dropped to the $140 level after a long bearish move from the $160 level.

1-Day Monero price analysis

Monero price prediction chart by Trading View

The XMR price has been under a constant descending move from the 20th of January. The cryptocurrency’s price has dropped by over $20 in the last 40 hours. During the past 24 hours, the cryptocurrency’s highest price was recorded at $153.40, whereas the lowest price was recorded at $136.03. At the time of writing, Monero is priced at $140.10, while the market cap for XMR is at $2,455,883,243.61.

The market sentiments indicate that the cryptocurrency is in the sellers’ position. Out of the 28 technical indicators, 16 are at the sell signal while 10 stand neutral, and two are at the buying indication. The oscillators are slightly pointing towards selling with nine in the neutral and two with a sell signal. The moving averages indicate a strong sell for the pair with 14 of them in favor of a sell signal, one neutral, and two under a buy signal.

Across the 1D time frame, the XMR price has formed a long red candle below the midline towards the $136 mark. The lower Bollinger band lies at $126 alongside the short-term target on this time frame. The Bollinger bands show an increase in expansion, depicting an increase in the price volatility.

Monero price prediction: What’s next?

Trading View analyst Avaro GMTR believes that the XMR price is about to move short towards the $100 zone. Per the Monero price prediction, the cryptocurrency should bounce towards the upside after it reaches this short-term target, which will allow the cryptocurrency to rise across the $140 level again.

Monero price prediction chart by Alvaro GCTMR

The Monero price prediction suggests a target price above the $140 level after the cryptocurrency drops to the $100 buy zone. Per the analyst, this will be a good buying opportunity for XMR traders as the XMR price might see a historical price run after this. A double bottom pattern is expected to form at the $100 flat support level.

Trading View analyst Yasermis expects the XMR price to rise across the $180 mark after seeing a price bottom. Per the Monero price prediction, the cryptocurrency is trading inside a very long ascending channel, and the price has recently broken out of a symmetrical triangle. If the cryptocurrency continues to hold the bottom of the channel, the price will see another upward move and rise across the $180 mark. On the 21st of January, the Monero price turned bearish, and it is currently testing the bottom of the up-channel.

Analyst Bruno Alvesb believes that the Monero price will break above the $184 region and rise towards the $200 level if it continues to hold the $140 support level. If the price breaks below the $140 range, the next short target lies near the $100 level.

This post was last modified on January 22, 2021 8:54 am

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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