- Monero price prediction expects a fall to $125.
- XMR lost support for the $134 high in past 24-hours.
- Current support levels are found at the $124 mark.
The Monero price prediction by Tickeron suggests that a short opportunity is up next in the queue for the trading pair. The price is expected to fall towards the $125.3 mark. The cryptocurrency observed a downtrend towards the $124 mark on the 28th of October.
1-Day Monero price analysis
At the time of writing, the cryptocurrency was priced at $126.94 US Dollars. The highest price for the day was recorded at $135.3.
What’s next for the XMR price?
If we look at the big picture, Monero has been trending upwards on a very long trendline since it was created. The chart below shows the trendline in purple. The Trading View analyst You23 believes that the price has been attracted upwards on its charts.
During the 2017 uptrend, the price approached an all-time high near the $410 mark, after which it has been trending downward with the Moving Average shown in yellow. The analyst believes that the price will show a similar, gradual uptrend, and the cryptocurrency will be moving towards the $2500 mark this time.
The Moving Average Convergence Divergence (MACD) line and the signal line appear to be trending upwards since May 2020, before observing a bullish cross. The histogram size has also been increasing in the positive region. This means that the cryptocurrency has an overall bullish bias.
Monero price prediction: Short to $125 next?
The XMRUSD pair was expected to enter a short opportunity by the Trading View analyst Tickeron. The price fell below the breakout level at $130 on the 28th of October and moved towards the target range between the $125 and $127 levels.
For now, the cryptocurrency moves close to the $126 mark, and it is expected to fall towards $125. The target price is at $125.3, while the stop-order lies above the $127 level. The trade is currently active until the price rises above the $127 level.
What to expect from Monero?
Per the chart below, the price has been rising above an ascending trendline since September 2020. The cryptocurrency is expected to take on of the three paths from here.
The Trading View analyst Crypto Whale Discord believes that the cryptocurrency will rise upwards, where it will hit another rising resistance and break past it to rise towards the $160 mark. The second option for the cryptocurrency to take is to drop below the ascending trendline and then gradually move upwards from below the trendline. Per the last path, the price is expected to fall towards the bottom of the trade setup, which lies at $70. After falling to this level, the price is expected to bounce and gradually ascend across the $170 mark.
Monero price technical indicators
The Relative Strength Index (RSI) lay at 54.28 at the time of writing, which means the coin is in the neutral zone. The Bollinger bands saw an increase in the price volatility during the first half of the day’s trade, while the volatility appeared to be low towards the end of the trade. This is because the cryptocurrency’s price came to a rest near the $126 level.
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.