- Monero price prediction expects a rise as high up as to $157.
- Monero loses $125 support.
- Current support levels are found at the $118 mark.
Per the Monero price prediction by Flytheus, the cryptocurrency will gradually see a rise towards the $157 mark. The XMR price saw a downward trend on the 2nd of November.
1-Day Monero price analysis
The cryptocurrency fell down on the 2nd of November and was priced at $118.21 at the time of writing. The price approached above the $128 mark at the start of the day.
Monero shows head and shoulders
The Trading View analyst Dark Mode believes that a head and shoulders pattern has formed on the 1h time frame that is shown on the chart below. The head and shoulders pattern is a bearish indicator, and the cryptocurrency’s price is expected to fall next.
The trade was marked as a short opportunity for the XMRUSD pair, the price formed the left shoulder on the 22nd of October, the head was formed between the 26th and the 27th of October, and the right shoulder was completed on the 1st of November. Both of the shoulders were levels at the $130 mark, while the head was formed at the $140 level.
After the completion of the head and shoulders pattern, the XMR price turned bearish and moved short towards the bottom of the setup at $120. The trade is currently active, and the price has moved below this support around which the price has been varying since the 12th of October. The XMRUSD pair also moved below the 20-Day Moving Average.
Trading the XMRUSD pair
Looking at the chart below, we can see that XMR is trading in a $116 to $135 range, and the cryptocurrency has began to move towards the bottom of the range.
Per the Trading View analyst Crypto Whale Discord, the traders should buy at the bottom of this trade setup and look for a long-term entry. If the cryptocurrency moves towards the top of this range, the traders shoulder look for a short-entry while keeping the take profit at the bottom of the channel.
Monero price prediction: Rise towards $157 ahead?
The Trading View analyst Flytheus believes that the XMRUSD pair will gradually trend towards the $157 mark. Per the chart below, the cryptocurrency rides above the 10-Day Exponential Moving Average and the 20-Day Exponential Moving Average.
The cryptocurrency has been testing the $137 mark since the mid of October, while it has assumed the $117 to $137 range during this time. The entry-level for this trade is at the $137 mark, and the analyst is of the opinion that the price will follow an uptrend towards the $157.2 take profit.
Monero technical indicator movement
The Relative Strength Index (RSI) closed at 40.88, which means that the coin stands neutral. The Moving Average Convergence Divergence (MACD) line crossed below the signal line, while the histogram size appears to be increasing in the negative region. The Bollinger bands have seen an expansion on the 2nd of November, which means that the price volatility has increased as well.
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