– Monero price is attempting a bullish breakout from a continuation chart pattern.
– XMR could rise 55% to record a new all-time high at $251.7, but investors should wait for confirmation above $163.9.
– Santiment’s social metric shows a 20% increase between March 4 and April 26.
– A daily candlestick close below $148.8 could invalidate the bullish thesis.
Monero (
XMR) price is trading with a positive rating as bulls show leadership five days in a row.The privacy–focused altcoin has lacked directional bias for weeks, but that seems to be changing, as shown in the one-day chart below.The breakout draws support from a bullish call on Tuesday, March 25.Traders heeding this call could mean more gains for the privacy token.
Also Read:
zkSync DEX Merlin hacked for $1.82 million immediately after CertiK audit
Monero price could rally 55%, but investors should wait for confirmation
Monero price is attempting to escape from a symmetrical triangle pattern after weeks of consolidation between the $163.9 and $148.8 resistance and support levels, respectively.Such a technical formation indicates an incoming breakout on either side and would be confirmed once the price exits the pattern.The target of altcoin’s price is estimated by measuring the longest distance in the chart pattern and superimposing it from the breakout point.
Based on the chart below, Monero price could rally 55% north if it successfully breakouts above the descending trendline.
In such a move, the possible target for XMR would be $251.7.A daily
candlestick close above the $163.9 resistance level will confirm this thesis.
The Relative Strength Index (RSI) at 55 suggested more room upward.
Its position above the mean line showed that bulls were leading the market.With these, chances for Monero price increase were higher.Notice that the RSI had also called a signal to buy XMR when it crossed above the Stochastic RSI, further bolstering the bullish thesis.
XMR/USDT 1-day chart
Santiment data shows a 20% increase in XMR social volume
Based on Santiment data, XMR has recorded a 20% increase in the social volume metric between March 4 and April 26, indicating a growth in mentions and interest for the token among social media platforms.This explains the price uptick and adds credence to the bullish supposition.
Conversely,
Monero price could decrease if bears recover the market.One possible reason for such a reversal would be early profit-taking.A bearish resurgence could send XMR toward the ascending trendline before a break below the chart pattern.
A daily candlestick close below the $148.8 support level would invalidate the bullish thesis.
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.
FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.
The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.
FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Follow us on Telegram
Stay updated of all the news
Recommended Content
Editors’ Picks
Institutions reviving Bitcoin spot ETF bid might lead to a pushback in the alt season
Bitcoin and altcoins price action over the last two weeks has taken a toll on the alt season narrative that had been brewing throughout the latter half of March.But as BTC fell in the past five days, the discourse about alt season is firing up again, although investors might be in for a disappointment.
More Bitcoin news
Aptos price drops to single digits two weeks to the APT token unlocks event, bull trap, or buying opportunity?
Aptos (APT) price dropped below the $10 price level for the first time in almost three months.The slip comes a fortnight after the scheduled unlocking event put 53 million APT tokens into the market, bolstering the bearish pressure.
More Aptos News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets falter, calls for a catalyst
Bitcoin price is struggling to hold above $27,000 as the 50-day EMA comes into play.Ethereum price consolidates tightly as bearish pressure increases, but there’s hope.Ripple price remains indecisive, but the price action hints at a possible breakout.
More Cryptocurrencies News
The bane of Uniswap price – not the market but UNI holders
Uniswap price has been painting red on the charts over the previous six days, like the rest of the cryptocurrencies.But the reason behind the altcoin facing a higher decline is due to its investors turning to sell instead of HODLing through the bearishness.
More Uniswap News
Bitcoin: BTC loses directional bias, leaving holders guessing its next move
Bitcoin price shows a bearish breaker setup on the weekly timeframe, suggesting that buyers need to be cautious.This signal is ambiguous since it does not accurately predict a reversal just yet.
Read full analysis.
