Monero price forecast: XMR readies for a 55% breakout, buy now?
- Monero price is attempting a bullish breakout from a continuation chart pattern.
- XMR could rise 55% to record a new all-time high at $251.7, but investors should wait for confirmation above $163.9.
- Santiment’s social metric shows a 20% increase between March 4 and April 26.
- A daily candlestick close below $148.8 could invalidate the bullish thesis.
Monero (XMR) price is trading with a positive rating as bulls show leadership five days in a row. The privacy–focused altcoin has lacked directional bias for weeks, but that seems to be changing, as shown in the one-day chart below. The breakout draws support from a bullish call on Tuesday, March 25. Traders heeding this call could mean more gains for the privacy token.
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Monero price could rally 55%, but investors should wait for confirmation
Monero price attempts to escape from a symmetrical triangle pattern after weeks of consolidation between the $163.9 and $148.8 resistance and support levels, respectively. Such a technical formation indicates an incoming breakout on either side and would be confirmed once the price exits the pattern. The target of altcoin’s price is estimated by measuring the longest distance in the chart pattern and superimposing it from the breakout point.
Based on the chart below, Monero price could rally 55% north if it successfully breakouts above the descending trendline. In such a move, the possible target for XMR would be $251.7. A daily candlestick close above the $163.9 resistance level will confirm this thesis.
The Relative Strength Index (RSI) at 55 suggested more room upward. Its position above the mean line showed that bulls were leading the market. With these, chances for Monero price increase were higher. Notice that the RSI had also called a signal to buy XMR when it crossed above the Stochastic RSI, further bolstering the bullish thesis.
XMR/USDT 1-day chart
Santiment data shows a 20% increase in XMR social volume
Based on Santiment data, XMR has recorded a 20% increase in the social volume metric between March 4 and April 26, indicating a growth in mentions and interest for the token among social media platforms. This explains the price uptick and adds credence to the bullish supposition.
 [19.51.02, 26 Apr, 2023]-638181327423262674.png)
Conversely, Monero price could decrease if bears recover the market. One possible reason for such a reversal would be early profit-taking. A bearish resurgence could send XMR toward the ascending trendline before a break below the chart pattern.
A daily candlestick close below the $148.8 support level would invalidate the bullish thesis.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
