The price of Monero (XMR) was trending below the descending trendline that has been connecting highs since conception. Recently, it broke through the trend signaling that a long-term reversal may be on the way. From the technical indicators, there is still selling pressure in the market. The 100 hourly simple moving average is below the 200 hourly simple moving average and this shows that downside holds the path of least resistance. So, the sell-off will most likely resume instead of reverse.
Monero (XMR) Long Term Price Analysis
The price of Monero (XMR) is moving past the 100 simple moving average dynamic inflection point. This is after it broke above the trend line reflecting that the bulls are gathering momentum. The price may end up testing the 200 simple moving average dynamic resistance soon. XMR is also moving past the $120 short-term support which is now acting as resistance. The relative strength index is moving up but it is already in the overbought region reflecting that the buyers are exhausted.
Monero (XMR) Price Today – XMR / USD
A lower turn may invite sellers back to the market and lead to another fall in price. The price of XMR may even retest the broken resistance. The stochastic oscillator has entered the overbought territory signaling that the bulls are now exhausted.
Satis ICO Research Group predicted that Monero will sell as high as $18,000 in the next five years. This prediction gave the current price of Monero a boost. The fact that Bitcoin is bullish is also another reason why Monero is bullish. While the forecast seems far fetched, the truth is that the cryptocurrency industry is unpredictable long-term. There is no saying what will happen within the next few years
Monero (XMR) Price Now
At the time of writing, Monero (XMR) was trading at $138.72. This indicates a 14.29% rise against the USD and a 13.30% rise against Bitcoin. The trading volume within a 24 hour period is
$70,442,600 and the total market capitalization is $2,271,810,474. The next few days of trading will determine if the price action of Monero will change.