Monero price predictions for a break of the channel consolidation area were met over the weekend, thereby concluding the bullish flag. This has allowed Monero to rally to 3-month highs, as bullish momentum returned to the altcoin market. Today’s 7% move takes Monero ahead on a 5-day rally, further boosting the chances of Monero approaching the $350 mark.
However, further bullish Monero price predictions could face sa stringent test as the rally has approached resistance at the $330 price mark. Other price action depends on whether the bulls can succeed in taking out this level.
Monero Price Prediction
The breakout from the channel on the daily chart of Monero has fulfilled the bullish Monero price prediction objectives. Price is now testing resistance at 330.76, having broken through 290.32 and 311.78. A break of this new level leaves clear skies for Monero to approach 376.97.
On the other hand, a pullback that results from rejection at 330.76 targets 311.78. Subsequent support levels at 290.32 and 261.37 serve as the additional downside targets. These moves may be opportunities to initiate new dip buying on the XMR/USD pair.
Monero (XMR/USD): Daily Chart
