Monero Coin Climbs 6% In Last 3 Days – Bullish Activities Seen For XMR

Christian Encila

Last Updated: October 19, 2022 6:46 am

3 mins read

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Monero (XMR), an open-source cryptocurrency first focusing on privacy and decentralization, managed to initiate a price pump despite the greater majority of crypto space struggling to get out of the red zone.

Monero managed to bounce back twice from its support range of $134.5
XMR remains “in the green” for its intraday, weekly and monthly price readings
A surge all the way to $171 is possible for Monero if it moves past its current resistance range

The altcoin, for the past few days, has been on a consistent price increase, seeing all-green on its hourly, intraday, weekly and monthly levels.

At press time, according to data from Coingecko, Monero is trading at $146.56, being up by 1.8% over the last 24-hours. On a week-to-date and month-to-date basis, XMR increased by 1.3% and 4.5%, respectively.

But even with the recent price pumps, Monero is still far from its all-time high value of $542.33 that it hit on January 9, 2018.

Still, holders of the crypto should have plenty of reasons to be optimistic over the next days as the asset is leaning towards a bullish momentum.

Monero Price Analysis

XMR, just like the rest of its fellow altcoins, experienced rigid price correction as the crypto market plunged into yet another bearish cycle.

A look at the trading data and chart for Monero shows the cryptocurrency’s fall stopped at $134.5 marker which acted as its support range last month.

Source: TradingView

Buyers took advantage of the price dump but the struggles of the crypto market prevented XMR to move past the $151.8 mark despite bouncing back twice from the mentioned support level.

Caught in a parallel channel pattern, Monero, instead of continuing its decline, managed to start its bull run, steadily increasing its price by as much as 6%.

Volume activity is also working wonders for the asset as continued increase on it will push XMR price to $153, a level that might soon be established as the crypto’s next resistance range.

Given the nature of its current pattern, Monero could break the overhead trendline on its way to attaining the target trading price of $171.

Holders Must Remain Cautious

Forecasts from crypto data provider Coincodex indicate the bullish run of Monero will continue over the next five days.

With this, XMR is likely to breach the $153 resistance range to push its spot trading price at $154.49. This prediction supports the thesis that the asset will continue its bull momentum as it heads towards the next bear cycle.

From there, things will slowly take turn for the worse as the crypto is expected to drop below the $100 levels 30 days from now.

Specifically, Monero could be looking at trading price of $91.84 as there is extreme fear towards it according to its score in Fear and Greed Index.

XMR total market cap at $2.6 billion on the daily chart | Featured image from Smartereum, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.