Monero Price Analysis: XMR impressive breakout targets $200

Monero has broken above the hypotenuse of an ascending triangle, confirming an upswing to $150 and $200.
An increase in the volume shows that Monero could gain momentum to higher price levels.

Monero is among the most significant single-digit gainers on Monday after a relatively quiet weekend session. The privacy-focused coin is up 5% in the last 24 hours to exchange hands at $139. The breakout is likely to gain momentum above $140 and towards the crucial $200 price level.

Monero likely swing to $200 as bulls make a comeback

XRP/USD is trading above the x-axis of an ascending triangle pattern. The pattern is typical in technical analysis and is drawn by connecting swing highs with a horizontal line and higher lows with an ascending trendline.

Breakouts are common with ascending triangles and often occur in the same direction as the trend before the consolidation. In other words, ascending triangles are referred to as continuation patterns.

As for Monero, a breakout has already been confirmed and awaits buyers to join the market. The Relative Strength Index emphasizes the uptrend as it moves toward the overbought area. Creating enough volume will play a key role in supporting the rest of the journey to $200.

XMR/USD daily chart

According to Santiment, the volume and momentum seem to be picking up the pace, perhaps due to the technical breakout. XMR tends to rally with increasing volume, as seen in the chart below. Therefore, it is likely that Monero will sustain the uptrend, probably above $150 if not to $200.

Monero volume chart

It is worth noting that the bullish narrative will be invalidated if Monero corrects under the x-axis. The move will wake up the bears, who currently feel cornered. Support above the 50 Simple Moving Average on the daily chart must also hold to avoid losses under the hypotenuse.

Monero is not out of the wounds yet, and if declines increase momentum, the privacy-oriented token could retest the 100 SMA around $110 and the 200 SMA at $92.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram