Monero Price Prediction: Why Horizontal Market Trend is Dominant

Summary:
• The Monero price has traded within a narrow price range of $134 and $154 for more than a month, a trend that looks likely to continue

The Monero price has traded within a narrow price range of $134 and $154 for more than a month. The sideways market, which has come to define the crypto for the past few weeks, has been partly due to the current cryptocurrency market conditions that have seen the buyers and sellers of the digital assets battling it out to gain an advantage over the other. Unfortunately, the balance between the two has resulted in most projects seesawing around critical price levels, which in the case of Monero, has been around $140. 

Since its founding and launch in 2014, Monero has remained popular with cryptocurrency users who emphasize on decentralization and privacy. The project was forked from the Bytecoin project and came with no pre-mined tokens or VC backing. The project was actualized by the grassroots movement looking for an alternative form of digital currency. Unlike Bitcoin, which makes public all transactions made, Monero allows users to send and receive anonymous transactions. 

Today, Monero is ranked as the 27th largest cryptocurrency, with a market capitalization of over $2.6 billion. The project also boasts of posting daily average trading volumes of over $60 million, making it one of the most popular cryptos today, despite the industry’s downward trend for the past few months. 

Monero Price Prediction

Looking at the chart below, it is clear that Monero has been in a sideways market for more than a month. The chart also shows that the Williams Alligator indicator has flattened in the past few trading sessions, a signal that the current bearish trend may continue for the next few trading sessions. 

Therefore, based on the price action of the past few trading sessions, I expect the current sideways market to continue. There is a high likelihood that Monero will continue trading within the narrow price range of between $134 and $154. A trade above or below these levels will invalidate my analysis and signal a start of a new trend. If prices trade below the $134 price level, then a new bearish trend will have been established. A trade above $154 will signal a start of a bullish move.

Monero Daily Chart