Over the last month, Monero XMR price has increased from $67.09. It had been showing solid price performance up until the 15th of February which saw the projected dip from around $97.00 to about $87.34.
While XMR hasn’t been able to fully rekindle its price, at the time of writing, the Monero XMR price is $85.48, up 1.81% over the last 24 hours.
Monero XMR price chart by TradingView
Since the 15th of February, the coin has seen some volatile price performance, rising and sinking sharply. It has ultimately landed up at around $85.76. However, the consensus among the community is that this is about to change for the better.
Where the Monero XMR price is going?
Recently, trader CryptoNTez analyzed an XMR price chart that revealed the Monero XMR price was holding on to around 8500 satoshi support area.
Further, he stated XMR was getting ready to form a golden cross, a bullish signal that occurs when a 50-day moving average crosses over the 200-day moving average. He then predicted the XMR price reaching around 9400 satoshis, or an increase of around 10%.
$XMR
Sitting at ~8500 sats support level w/ UCTS Buy signals across every HTF(1D+)
Golden cross (EMA50/200) about to happen..Showing signs of hodling at LTF (accumulation at support) should allow for a retest of ~9400sats(~10%)
Tight SL just in case BTC decides to ruin it#XMR pic.twitter.com/0KXXUj0bCF
— Nico (@CryptoNTez) February 18, 2020
In the short term, Monero appears to be bullish. Having recently broken out of a descending triangle, it appears as if the project is setting itself up for a nice little price rally. If this is the case, we could see the Monero XMR price hit a high of around $106 within the next few weeks, if we’re lucky.
As recently reported, North Korea has begun mining Monero as a way to circumvent the sanctions placed against the country by several western countries. Given the currency’s focus on privacy, it has often been caught up in scams and other illicit activities, which might be why North Korean supreme leader Kim Jong-un is interested in it.
Featured image by Flickr
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.