$124.03
2.35%

Monero price prediction: XMR price heading towards $70?

XMR
2.35%
bullish:
0
bearish:
2
Monero price prediction: XMR price heading towards $70?
  • Monero price trading above $80 support
  • XMR/USD price action undecided
  • XMR/USD to trigger a buy signal if it crosses $100
  • Drop below $80 could be fatal
  • IRS seeking monero tracing tool

Monero price prediction

Monero price (XMR) has soared from a low of $60 to hit a high of $105.5 in about three months.XMR is currently near the $88 price level, where it has traded for the better part of the last 24 hours. 

Monero price movements over the last 24-hours

Monero price prediction: XMR price heading towards $70? 1
XMR/USD price chart: Trading View

The XMR/USD started the day trading at $89, declining to its lowest point when writing, $86.72 five hours later. In the meantime, the XMR/USD pair is trading near the $88 price zone.

XMR/USD 4-hour chart

Monero price prediction: XMR price heading towards $70? 2
XMR/USD 4-hour chart: Trading View

Monero has been trading in a bull market for the last three months. However, currently, there are still uncertainties where the price action is headed, although it seems destined for a bearish trend in the coming weeks.

The above chart shows the most crucial price levels: support zones at $80 and $70, while $90 and $100 represent a critical resistance that the bulls are attempting to clear out.

As highlighted on the chart, the XMR/USD trading pair has been trading within an ascending channel since reaching a low of $73 on September 15. However, on September 21, the bulls faced some selling pressure, which caused the Monero price action to break from the lower part of the ascending trendline near $94. 

The XMR/USD pair is attempting to clear the minimal resistance near $90 before making any positive movement towards the critical resistance zone at $100. If the pair manages to clear the resistance at $90, XMR price might surge towards the $100 price zone. Notably, as long as the privacy-oriented coin is trading above the $80 support level, it is still not in the sell zone. 

On the other hand, the bears in the market are attempting to coerce the bulls into selling who seem to be holding off the pressure at the moment. If they manage to force bulls into selling, the XMR/USD pair might test the $80 support. 

Monero price prediction

Monero investors should be aware of the risks presented by monero in trading. Moreover, the price of monero is connected to the price of bitcoin. The largest cryptocurrency is now trading in a bear market, similar to the other altcoins tied to it. BTC has recently formed a firm anchor zone above $10k, and there is some belief it will embark on an upside break in the near future, which should be a positive sign for monero. 

If the XMR/USD pair breaks past the $100 key resistance, monero price may reach a high of $110 and potentially test the resistance at $130. Nevertheless, if such endeavors prove futile, a break below the $80 defense line might pave the way for more losses triggering a strong sell signal. A break below the $80 support will potentially send monero price action towards $70.

In other news, the IRS is reportedly looking for a tracing tool that can track privacy-oriented digital currencies such as monero. The Internal Revenue Service has reportedly offered up to $500k to developers who can develop a proof-of-concept that can break monero’s security signature. 

bullish:
0
bearish:
2