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.
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