- Monero price prediction strong for $161.
- Monero price finds support at $134.
- Strong resistance found at the $140 mark.
The Monero price prediction by Trade Wai suggests that the price will move towards the $160 mark next. The cryptocurrency observed an uptrend towards the $138 level on the 26th of October.
1-Day Monero price analysis
XMR was priced at $138.92 at the time of writing on Bitfinex. The cryptocurrency rose to a day’s high of $139.48.
What to expect from the XMR price?
The Trading View analyst Abrytan highlighted a huge ascending channel for the XMRUSD pair on the weekly time frame. If we look at the chart, we can observe two ascending trendlines.
The first ascending trendline from 2017 led the cryptocurrency towards the top of the channel. The analyst believes that similar price action will come into play in 2021. The price is expected to rise upwards on the second ascending trendline and reach the top of the channel and to a newer all-time high. The upper boundary of the channel is projected short of the $1500 mark.
Monero price prediction: What’s next for Monero?
Trade Wai believes that the XMR price has two scenarios to play. Per the first one, the price will rise towards the $161 mark in a long-term move. The second scenario suggests that Monero will drop below the ascending trendline to move short to $94.
The price invalidated the short-opportunity for Monero as the cryptocurrency rose towards the $138 mark while the stop-loss for this order was placed at $128.41. Per the idea, Monero is now headed for the $161 mark. The stop-loss for this order is placed at $116, which means that this idea will be invalidated if the XMR price falls below this level. The take profit is at $161.75, and the trade appears to be active.
A Gartley bearish for XMRUSD
A Gartley bearish has formed on the daily timeframe for the XMRUSD pair. The analyst believes that the price will see a downtrend soon.
The pattern began forming in June 2019, and it completed in October 2020. As the Gartley bearish pattern depicts an upcoming drop in the price, the cryptocurrency is expected to fall next. The Gartley pattern is based on the Fibonacci numbers and it is classified as a harmonic pattern. The take profit for this trade was marked at the $60 level.
Monero forms double bottom pattern
Monero observed a double bottom pattern that was highlighted by the Trading View analyst Guerrero. The analyst believes that the cryptocurrency will finally see a rise towards newer highers.
The chart above depicts the bottom to be near the $33 to $36 range. The Relative Strength Index (RSI) travels over an ascending trendline and it is about to rise above 75.00, which is where Monero will be overbought.
Looking at the chart, there is a flat resistance that the cryptocurrency traded under June 2018. The XMRUSD pair has finally broken above this resistance. If the price stays above the newly formed support, the cryptocurrency will see itself to newer highs in the long-term.
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.
