Monero price analysis: XMR targets $280

TL; DR Breakdown

• Yesterday, XMR/USD was in a bullish trend.
• The general cryptocurrency market is bullish.
• Day traders should buy Monero and hold it until the price.

Monero price analysis: General price overview

Yesterday, XMR/USD was in a bullish trend. On the other hand, the coin experienced a powerful bear movement before closing yesterday’s Monero price analysis. When the daily price chart set in, this bearish pattern was reversed, pushing prices upward and forming head and shoulder trends to the intraday highs of $285, where it met stiff resistance from bears that caused the price to drop somewhat.

The Bollinger is wide in most trading sessions on the daily Monero price analysis chart, with the price trading towards the upper band. This is a bullish signal and an indication of a highly volatile market.

Bulls are battling back for the lead as the price of Monero continues to rise, according to the 1-day Monero price analysis. The cryptocurrency market has been very active this past week, with prices continuously dropping.

The buyers fell apart after the price hit $286, which was much more significant than anticipated. They have successfully moved the price to $285.2, having dropped it below $260. The moving average (MA) is still higher than during the previous week, which means that the bears are in front by a small margin: It stands at approximately $261.

Source: Coin360

The general cryptocurrency market is bullish, as the heat map suggests. The most prominent digital currency, BTC, has recorded a 0.09 percent surge, and the coin is trading slightly below $46K. At the same time, ETH  is also bulish, it has also recorded more than 3 percent increment, and it is currently trading at $3.4K. Other altcoins are also bullish, with DOT being the hottest gainer of the day with more than a 10 percent price surge. Monero, like other altcoins, is trading positively with a 2 percent price increment, and it is currently trading at $1.4.

Four-price analysis chart: Bullish momentum

A more significant number of green candlesticks than red ones on the four-hour price chart suggest bulls are in control of the market. XMR/USD appears to be forming a head-and-shoulders pattern, which traders interpreted as a promise of increased growth.

The MACD line has crossed over the red warning on the four-hour price chart, suggesting that a buy signal may be forthcoming. The green candlesticks have outnumbered the red ones, implying that the coin is in an upswing that is unlikely to be stopped until it reaches its target of $260.

Monero price analysis: Conclusion

The daily price analysis chart is in a strong upswing, implying that monero has a good chance of reaching its target at $290 by the end of the day. Day traders should buy Monero and hold it until the price rises before midnight.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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