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- 1 As per Monero Price Prediction (BITFINEX: XMR), the coin price increased by 2.04% over the last 24 hours.
- 2 At press time, the Monero coin is $164.10, and the 52-week price range is $116 – $188.
Monero is a cryptocurrency that uses a blockchain with technologies that improve privacy to hide transaction details and achieve anonymity and fungibility. It is based on the CryptoNote protocol and was launched in 2014. Monero has a large and active community of developers and users who value its privacy features. Monero uses a proof-of-work algorithm called RandomX to validate transactions and issue new coins. The current price of Monero is $164.10 USD.
As per Coinglass, Monero has $29.32 Million Open Interest and recently showed a decline of -0.83% in the last 24 hours. The 24-hour long versus short ratio is 1.0145. The total number of short positions added in the last 24 hours is $794.10 against longs of $979.50. Moreover, the average volume of the Monero coin inclined by 10.99%, and the volume is at $36.16 Million.
This month Monero performed well as it was up by 19.39%, and its year-to-date return saw an increase of 11.36% However, Monero’s price was slightly down by 2.80% over the last six months.
Monero Price Technical Analysis in 1-D Timeframe
The price is following the trendline very well. It recently rose nearly 31% by making higher highs quickly without making any higher lows over a day time frame. Now the price is consolidating, and to move up further, it needs to spend time or take a pullback, as seen on the chart. If the price holds, we may see new highs and if it fails, it will drop more.
At the time of publishing, the XMR coin price (BITFINEX: XMR) is trading above the 20, 50, 100, and 200-day EMAs (exponential moving average). The EMAs are supporting the price trend. Hence, the Monero Price Prediction gives bullish signals over the daily time frame chart.
The MACD line at 4.277 and the signal line at 5.022 are above the zero line and gave a bearish crossover suggesting bearishness. The current value of RSI is 58.10 points, and the 14 SMA is above the median line at 66.79 points. It seems the price is consolidating, and the RSI line took rejection from the 14 SMA line since the price is still in bullish territory.
Conclusion
The Monero price prediction highlights that the sentiments and perspectives of investors and traders regarding the Monero coin price show uncertainty in the 1-D time frame. Moreover, the technical parameters of the Monero price suggest the continuation of the consolidation phase over the daily time frame chart. Major legitimate indicators MACD, RSI, and EMA, give unclear signals about the Monero coin price. It would be wise for traders and investors to wait for the XMR price to choose a direction.
Technical Levels:
- The nearest support: $132 and $126.
- The nearest resistance: $171 and $179.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
