Monero Price Prediction: A $230 Price Level Highly Likely

Summary:

Monero price is down by a percentage point in today's trading session. However, the trend is still bullish.

Monero Price has not moved in today’s trading session. However, based on yesterday’s price action that resulted in a 9 per cent price gain, there are signals that indicate a likely continuation of the bullish trend.

In the month of May, Monero has been among the few top-performing cryptocurrencies. Compared to many cryptos that have lost over 40 per cent of their value during the recent cryptocurrency market crash, Monero’s 4 per cent monthly drop looks significantly better. The cryptocurrency has also overperformed throughout the year and is likely to have a positive year-to-date price in the next few sessions.

Monero Price Prediction

Since the late hours of the May 12 trading session, Monero’s price has risen by 68 per cent. Despite today’s trading session showing signs of a downward move, the past two consecutive days have also been aggressively bullish, resulting in a 20 per cent price gain. Today’s price drop is slightly over a percentage point.

Looking at the 4-hour daily chart, the Monero price has been trading within an ascending channel. Recently, the prices touched the lower trend line of the channel. However, the prices failed to break to the downside, resulting in the current aggressive bullish trend.

However, the past few hours have been very bearish. This has resulted in a two per cent drop from the previous four hours. Despite the past few hours’ aggressive bearish move, my Monero price prediction is to the upside. The current drop in the last four hours has resulted in a correction that is likely to end soon. My prediction is the prices will trade above $221 resistance level. There is also a high likelihood of the prices pushing further and trading above the 230 price level.

However, if today’s trading session classes below yesterday’s opening price of $185, then my bullish trend will be invalidated. It will also mean a likely trend to the downside. It will also mark a high likelihood of another bearish trend.