Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Technical Analysis

Monero Price Forecast: XMR soars over 19% amid rising demand for privacy coins

Source Fxstreet

Monero price extends its gains on Monday after rallying 9.33% the previous week.
On-chain metrics paint a bullish picture, with open interest reaching its highest level since December 20.
The technical outlook suggests a continuation of the rally with a target of $345.

Monero (XMR) price is extending its gains by 19% at the time of writing on Monday, following a 9.33% rally the previous week. On-chain metrics support this price surge, with XMR’s open interest reaching its highest level since December 20. The technical outlook suggests a bullish breakout and continuation of the rally, with a target of $345.

Monero could surge as it breaks above the ascending triangle formation

Monero price breaks above the ascending triangle formation on the daily chart, rallying over 19% at the time of writing on Monday. This pattern was created by drawing two trendlines from mid-November, connecting swing points on the daily chart between multiple higher lows and multiple equal highs.

This technical pattern breakout favors the bulls, and the target is generally obtained by measuring the distance between the first daily high and the first daily low to the breakout point.

If the breakout level is retested and support is found around the daily level of $241.95, XMR could rally toward its technical target of $345.23. However, traders are suggested to book profits around the $300 level.

The Relative Strength Index (RSI) momentum indicator on the daily chart reads at 83, above its overbought level of 70, suggesting the ongoing rally could face cooling pressures. However, the bullish momentum remains strong.

XMR/USDT daily chart

Monero’s open interest reaches its highest year-to-date

Monero’s Open Interest (OI) further supports the bullish outlook. Coinglass’ data shows that the futures’ OI in XMR at exchanges rose from $20.13 million on Friday to $30.38 million on Monday, reaching a new year-to-date (YTD) high. An increasing OI represents new or additional money entering the market and new buying, which suggests a rally ahead in the Monero price.

XMR open interest chart. Source: Coinglass

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

WTI (USOIL) Is down 2.03% on Sep 25: Here Is Why WTI (USOIL) is down 2.03% at Sep 24 22:20(UTC+0), now at $92.517, with a 7-day down of 3.63%.What is driving WTI (USOIL)’s stock price down today?The drop in WTI crude oil prices was primarily driven by

Author TradingKey

Yesterday 04: 57

WTI (USOIL) is down 2.03% at Sep 24 22:20(UTC+0), now at $92.517, with a 7-day down of 3.63%.What is driving WTI (USOIL)’s stock price down today?The drop in WTI crude oil prices was primarily driven by

Silver Price Forecast: XAG/USD remains steady near $64.00 as oil prices ease Silver price (XAG/USD) inches higher after two days of losses, trading around $63.90 per troy ounce during Asian hours on Friday. Non-yielding Silver is finding underlying support as inflation concerns ease following a pullback in crude oil prices.

Author FXStreet

Yesterday 03: 30

Silver price (XAG/USD) inches higher after two days of losses, trading around $63.90 per troy ounce during Asian hours on Friday. Non-yielding Silver is finding underlying support as inflation concerns ease following a pullback in crude oil prices.

Gold Price Forecast: Gold Drops Below $4,300, Will It Continue to Fall? As of the European session on September 24, gold prices (XAUUSD) extended their correction, dipping below $4,300 intraday to hit a low of $4,262.45. After previously rebounding close to $

Author TradingKey

Sep 24, Thu

As of the European session on September 24, gold prices (XAUUSD) extended their correction, dipping below $4,300 intraday to hit a low of $4,262.45. After previously rebounding close to $

Yen touches 158.37 as Tokyo reopens, then slips back — ¥15.4 trillion of intervention and the 200-day line stand between here and 160 USD/JPY reached 158.37 overnight, its highest since early September, then eased to 157.88 as Japanese markets reopened after a three-day holiday. The Ministry of Finance has spent ¥15.4 trillion defending the yen since late July and the BOJ ran a rate check on September 18. The 200-day average sits at 158.43.

Author Irene Q.

Sep 24, Thu

USD/JPY reached 158.37 overnight, its highest since early September, then eased to 157.88 as Japanese markets reopened after a three-day holiday. The Ministry of Finance has spent ¥15.4 trillion defending the yen since late July and the BOJ ran a rate check on September 18. The 200-day average sits at 158.43.

US input costs rose at the fastest pace in four years — the September flash PMI beat is an inflation story, not a growth story US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Author Suzie

Sep 24, Thu

US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Popular Symbols