- The Monero crypto price has jumped above the 200-day moving average.
- Investors and traders are keen to lift the XMR price to $200 soon.
The Monero (XME) price has shown slow and steady gains for the last few weeks and it is heading toward the $200 hurdle. Currently, the XMR price has surpassed the 200-day moving average and a strong positive candle was formed, but the next candlestick engulfed the previous candlestick.
The Monero crypto is trading at $161.04 with an intraday gain of 0.69%. Its market capitalization is $2.96 billion and in terms of the market cap, the XMR ranks 29th in the cryptocurrency market.
The RSI is at 53 which has slowly recovered from the oversold zone. The price of Monero is over the significant moving average, showcasing buying momentum.
Our most recent estimate for the price of Monero is that it will increase by 0.88% and hit $165.23 by February 5, 2024. Our technical indicators indicate that the current mood is neutral, and the Fear & Greed Index is currently reading 60 (greed). Over the previous 30 days, Monero had 16/30 (53%) green days and 3.33% price volatility. Our forecast indicates that this is a favorable moment to purchase Monero.
Monero Price Technical Analysis Over Weekly Timeframe
On a weekly timeframe, the price of Monero has been rising by taking support from the trendline. Recently, the XMR price has taken support from the trendline and has risen by 10% in the last three weeks.
The Monero crypto price has been struggling between the 200-day and 20-day moving averages for the last two weeks. If the XMR price surpasses the 20-day moving average and sustains, buying momentum can be seen and the price can approach the $200 hurdle in the next few weeks.
On the other hand, if the price slips below the 200-day EMA and fails to defend the trendline, sellers may dominate and the XMR price may fall to the $120 mark soon.
Will XMR Price Defend the 200-day Moving Average?
The XMR price performed positively in January and faced resistance from the last swing high and dropped by 6.75% in a day. It seems that the chart pattern has trapped buyers but the price is trying to sustain above the 200-day moving average.
If the XMR crypto price is sustained over the 200-day moving average, then the price may rise to the recent high in the next two days. However, if the price slips below the 200-day EMA, a sharp fall can be expected because of the buyers’ stop-loss hunting.
Monero Price Prediction FAQs
What is the Monero forecast today?
The XMR price is predicted to fall by 0.12% to reach $160.10 by today.
What is the Monero price forecast for tomorrow?
According to our analysis, the Monero price will fall by 2.83% to reach $155.70 by tomorrow.
What is the XMR price prediction for this week?
The price is predicted to perform negatively and may range between $159.10 and $150.30 by the end of this week.
What is the current Monero sentiment?
The current XMR price prediction sentiment is neutral.
Conclusion
Based on the technical analysis and market trends, the price has been showing slow and steady gains for the past few weeks and is heading towards the $200 hurdle. The XMR price has surpassed the 200-day moving average and is currently over the significant moving average, showcasing buying momentum. However, the Monero crypto price has been struggling between the 200-day and 20-day moving averages for the last two weeks.
Technical Levels
Resistance: $170 & $180
Support: $158 & $144
Disclaimer
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is especially volatile and speculative, and this article does not advise investing in cryptocurrencies or other ICOs. Since everyone is unique, a certified professional should be continually consulted before making any economic decisions.