Monero price prediction: XMR to reach $161, analyst

Tuesday 27 October 2020, 6:45 AM AEST - 7 months ago

Monero price prediction: XMR to reach $161, analystMonero price prediction: XMR to reach $161, analyst 19

  • Monero price prediction strong for $161.
  • Monero price finds support at $134.
  • Strong resistance found at the $140 mark.

The Monero price prediction by Trade Wai suggests that the price will move towards the $160 mark next. The cryptocurrency observed an uptrend towards the $138 level on the 26th of October.

1-Day Monero price analysis Monero price prediction chart by Trading View

XMR was priced at $138.92 at the time of writing on Bitfinex. The cryptocurrency rose to a days high of $139.48.

What to expect from the XMR price?

The Trading View analyst Abrytan highlighted a huge ascending channel for the XMRUSD pair on the weekly time frame. If we look at the chart, we can observe two ascending trendlines.

The first ascending trendline from 2017 led the cryptocurrency towards the top of the channel. The analyst believes that similar price action will come into play in 2021. The price is expected to rise upwards on the second ascending trendline and reach the top of the channel and to a newer all-time high. The upper boundary of the channel is projected short of the $1500 mark.

Monero price prediction: Whats next for Monero?

Trade Wai believes that the XMR price has two scenarios to play. Per the first one, the price will rise towards the $161 mark in a long-term move. The second scenario suggests that Monero will drop below the ascending trendline to move short to $94.

The price invalidated the short-opportunity for Monero as the cryptocurrency rose towards the $138 mark while the stop-loss for this order was placed at $128.41. Per the idea, Monero is now headed for the $161 mark. The stop-loss for this order is placed at $116, which means that this idea will be invalidated if the XMR price falls below this level. The take profit is at $161.75, and the trade appears to be active.

A Gartley bearish for XMRUSD

A Gar ...

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