Monero coin has shown signs of the onset of bullish momentum in the daily timeframe. The cryptocurrency had been falling since the beginning of June; however, the bearish momentum may have come to a halt. In the past seven days, Monero coin declined only by 3%. At the time of press, Monero stands at a price level of $190. The price has increased by more than 3% in the past twenty-four hours and the daily trading volume has also been climbing upwards.
Monero Coin Technical Analysis
The recent bullish momentum has not yet been translated to the technicals for the cryptocurrency. The market sentiment continues to be bearish for Monero. Out of the total twenty-six technical indicators, fourteen are giving out an indication of sell with eight standing at a neutral position and only four indications of buy. The oscillators are bullish while the moving averages suggest a downtrend.
Despite the minor bullish divergence in the market, the short-term future prospects for Monero coin are bearish. A trader’s analysis shows the completion of a head and shoulder formation by the cryptocurrency. The H&S formation is a bearish pattern and has been completed by Monero. The pattern has been validated as Monero crossed the neckline of the formation. Monero coin can be expected to test crucial support levels in the upcoming days. The first Fibonacci support level can be found at $184 followed by $137 and $118.
Monero coin in the long run
Monero is one of the most popular privacy coins – if not the most – in the market. Privacy coins offers the anonymity that giants like Bitcoin and Ethereum lack which makes them an attractive prospect. The long-term price projections for Monero are; hence, positive. Per the estimates of Wallet Investor, Monero coin will be operating at a price level of $335 in a year’s time while the five-year price will be at $879. Digital Coin Price predicts similar projections with the price hitting $395 in 2023 and crossing $821 by 2028.
So, even if the bears continue to dominate the market in the short run, the cryptocurrency is expected to ultimately cross $800 in the long-term and reach even higher.