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- 1 Monero price prediction remains bullish till it holds the $150.00 support.
- 2 XMR price is trying to sustain above the 50-day and 200-day EMA.
- 3 The volatility in the Monero crypto is low.
Monero price prediction suggests a significant rise is possible in the long run. It remains bullish for the long term till it holds the $150.00 support. XMR price is stuck in the narrow range between $155.00 to $172.00.
Buyers and sellers both tried multiple times to break either side of the range. Sadly, they both get rejected. It shows that buyers are active near $155.00 and sellers are active at $172.00.
In the mid of June, XMR crypto price formed a Doji candle near $131.00. The downfall in the XMR crypto halted at $131.00 and prices took a U-turn.
Monero prices began to recover by forming higher high candles and showed a steep rally of 30% in a few weeks. The bullish momentum in Monero crypto halted near $172.00 and prices entered into consolidation.
XMR price is trading between the 50-day EMA and the 200-day EMA. The EMAs are sloping sideways indicating prices might continue the consolidation for some more time.
Monero price is trading at $158.1 with an intraday decline of -0.32%. The 24-hour volume to market cap is 2.73%.
Will Monero Price bounce back from the support?
Monero price prediction favors the bulls till the price sustains above $150.00. XMR performed well in June month and created a positive hope for long-term investors.
If the XMR price continues the consolidation for a few more weeks then it can be considered as a base formation. Till the XMR crypto price holds $150.00 the probability of the upside range breakout will remain high.
On the other hand, if the price drops below the $150.00 level then a short-term downfall might trigger. The technical analysis suggests XMR price is mildly bullish and expected to bounce from the support.
XMR Price Lacked Direction
XMR price lacked direction and volatility is also quite low. Therefore, until some big investors come forward and inject the money the prices are expected to remain inside range.
The MACD curve slopes sideways and near the zero line indicating mild bearishness. The RSI at 43 denotes weakness and bears are strengthening their grip. However, the super trend shows that the price is still above the buy line so the downside risk is low.
Conclusion
Monero price prediction stays bullish for the long term. It consolidates in a narrow range for the base formation and is likely to break the higher range soon.
Technical analysis suggests XMR price might show a bounce back from support which will take it to $70.00.
Technical levels
- Resistance levels: $172.00 and $187.00
- Support levels: $150.00 and $140.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
