Monero Price Prediction 2023: Will XMR Skyrocket Soon?

• Monero Price Prediction (BITSTAMP: XMR) shows the price took a pull back from the nearest resistance level.
• The XMR coin price increased by 1.11% over the last 24 hours and by 2.55% over the past week.
• At press time, Monero is trading at $167.79, and the 52-week price range is $116 – $188.
  

Monero coin price (XMR) is a cryptocurrency that aims to be untraceable and private. It uses the CryptoNote protocol and advanced cryptography to obscure the details of transactions. Monero is a spin-off of Bytecoin and has no fixed supply. It is named after the Esperanto word for “coin”.

Monero crypto plummeted 0.56% in market value and plummeted by 10.56% in trading volume in the last 24 hours, per Coinmarketcap which is a crypto data and info website. Its market value is $3,071,429,668 and its trading volume is $99,340,446. There are 18,307,473 XMR in circulation.

Monero (XMR) open interest is $23.87 Million, as per Coinglass, which is a crypto analysis website, it fell by 5.74% in the previous session. The long versus short ratio for 24 hours is 0.9535. The total number of short positions added in the last 24 hours is $21,737.021 against longs of $89.895.

Moreover, the XMR coin showed good performance this month, as it was up by 21.39% but fell by 2.88% in the past six months, showing underperformance. Also, the year-to-date return of XMR price is positive with a 14.04% incline.

Monero Price Technical Analysis in 1-D Timeframe

The XMR price is following the trendline with great accuracy. It recently experienced a sharp increase of nearly 31% by making higher highs in a short span of time without creating any higher lows on the daily chart. This indicates a strong bullish momentum, but also a possible overbought condition.

Thereafter, the Monero coin price (BITSTAMP: XMR) was undergoing a consolidation phase earlier, which is a period of sideways movement after a significant rise. To resume its upward trend, the Monero coin price took a rest at the current level and retraced to a lower support level at $159.61, as illustrated on the chart. 

This would allow the Monero crypto price to gather more strength and support for the next move. If the Monero coin price remains above the trendline, we may see new highs in the near future and if XMR price falls below it, it will face more downward pressure.

Monero crypto price (XMR) is above the 20, 50, 100, and 200-day EMA’s  (exponential moving average). The EMA is acting as support, pushing the price trend up. Therefore, Monero Price Prediction suggests that the coin price could spike if the buyers accumulate more.

The MACD line at 2.752 and the signal line at 3.216 are above the zero 

line and both lines have narrowed and a bullish crossover is anticipated next in the MACD oscillator. The current value of RSI is 60.05 points, and the 14 SMA is at 59.10 points, the RSI line took support and headed for the overbought zone. Hence, the Monero Price Prediction suggests the coin price is bullish.

Conclusion

XMR coin chart shows investors are bullish regarding the coin on the 1-D time frame. The price action shows a bullish outlook at the time of publishing. Technical parameters of Monero coin price (BITSTAMP: XMR) also support the bullish trend. The major indicators are giving positive signals and imply that the uptrend may continue. Hence, as per Monero Price Prediction, the coin is bullish.

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.