- XMR price rests near $112.5
- Monero price expected to hit $157
- XMRUSD forming cup and handle pattern per the analyst
The Monero price prediction by Flytheus has suggested that the price will rise towards the $157 mark after a breakout above the $137 resistance. Currently, the cryptocurrency holds above $112.
1-Day Monero price analysis
The XMR price was observed at $112.290 US Dollars at the time of writing. After observing a downtrend on the 12th of November, the cryptocurrency recovered above the $113 level at the start of the 13th of November. The price fell to a day’s low of $110.274 and rose to a day’s high of $115.248.
While the crypto market had seen an overall ascension on the 12th of November as Bitcoin crossed the $16200 mark, the XMRUSD pair fell from the $115 level towards the $110 mark. The cryptocurrency king looks bullish right now, and the price has risen to the $16500 mark at the start of the 13th of November.
Monero price prediction: What to expect?
The Trading View analyst Flytheus believes that the XMRUSD pair has entered a long position on the 1D time frame and that it will rise towards the $137 and the $157 marks.
The entry-level for this trade was $137.644, and the price has fallen towards the $112.41 mark on the 12th of November. Looking at the technical indicators, we can see that the 20-Day Exponential Moving Average has moved above the 10-Day Exponential Moving Average. This depicts a slight bearishness for the altcoin which was played on the 12th of November. The top of the trade lies at $157.20, and the price is expected to trend upwards as the cryptocurrency market continues to ascend.
Monero to form the cup and handle pattern?
A cup and handle formation can be seen on the weekly time frame. The cup and handle formation is a bullish pattern and the altcoin has already formed the cup.
Per the analyst, the cryptocurrency has entered the descending channel now and once the price falls short from here, it will break towards the upside for the completion of the pattern. The pattern will allow the cryptocurrency to break above the key resistance marked at $130.
If we zoom out on the chart above, we will see the XMR trade over the important ascending trend line that originates in 2016. The trendline forms an ascending triangle with the flat dotted resistance at $130. A cup and handle formation and the breakout above the triangle will pave way for the cryptocurrency to test the higher resistance after turning bullish for a long-positon.
Monero technical indicator movement
The Relative Strength Index (RSI) can be seen at 50.39, which is the neutral region for the cryptocurrency. The technical indicator did not depict any oversold or overbought instances for the coin at the time. The Bollinger bands showed an increase in the expansion and the price volatility during the first half of the 12th of November. The price has currently fallen to the lower Bollinger band as the support level. The midline will soon be tested by XMR.