- Monero price prediction expects a rise towards $400.
- Strong support currently lies at $130.
- Strong resistance is found at the $170 mark.
The Monero price prediction by Maruskien shows that the cryptocurrency is in line for a big profit on the long-term up next. The analyst expects the price to rise above the $400 mark by the end of this movement. The XMR price fell bearishly on the 1st of January after the Bittrex exchange announced the delisting of the crypto assets.
1-Day Monero price analysis
Monero’s price has dropped significantly on the 1st of January, just after it peaked at the $169.158 mark and then observed an abrupt fall towards the $144 mark. The XMRUSD pair rests between the $132 and the $136 price levels as of now. At the time of writing, the Monero price was marked at $134.33.
The oscillators show that the cryptocurrency is under a sell signal as the price has come down over the 24-hour charts. The cryptocurrency has performed the worst over the past 24 hours as it pushes below the support levels right after a strong drop. The XMR price dropped while Bitcoin held the $29000 support during the trade. Other major altcoins seem to be moving sideways whilst the cryptocurrency king is on its way towards the upside.
The Moving Average Convergence Divergence (MACD) line has dropped below the signal line on the 1D time frame while the histogram size has increased greatly in the negative region. The asset remains bearish with a sell signal as the Relative Strength Index (RSI) closed near 41.18, which means that the cryptocurrency is in the neutral region. The XMR price is riding the lower Bollinger band after it broke below the midline. This shows that the cryptocurrency is under a bearish bias.
The crypto exchange Bittrex has decided to delist 3 cryptocurrencies on the 15th of January and Monero XMR is one of these. This news has also caused all three cryptocurrencies to fall bearish in the market. Bittrex has provided the users with a period of 30 days so that they may withdraw their delisted assets.
Monero price prediction: What to expect?
The Trading View analyst Maruskien believes that the cryptocurrency will see a fall up next. The fall was expected to cause the cryptocurrency to move towards the $131 mark, which will then follow a rise towards the upside in the long-term.
The Relative Strength Index (RSI) on the 1W time frame has been moving in the overbought region for a while now. The cryptocurrency should see a bounce at the $131 horizontal support, per this Monero price prediction. This bounce will lead the cryptocurrency to the higher resistances at $173, $309 and, the $402 mark. The $402 level is where the target price lies for this Monero price prediction. The target lies at a big profit for XMRUSD, and the price is expected to break out of the consolidation zone that it has been trading in for a long while now.
Per the chart above, the consolidation zone lies near the $27.65 to $131.65 mark. Before concluding the year the price did rise above the consolidation zone, while it fell towards the upper boundary of the consolidation zone on the 1st of January.