Will Monero Stay Bullish?

Launched in 2014 with a simple goal of enabling private and anonymous transactions, XMR is designed to obscure the identities of senders and recipients via advanced cryptography.

Currently priced at nearly $147, XMR has been moving on an upward trend since June of 2022, where the token’s price bounced off the sturdiest support level on XMR’s chart to-date.

XMRUSD - 1 Week Time Frame

Within this range, the price has visited the bottom of the trend line three times, while visiting the upper part twice. Typically, when the price attempts to breach this level for the third time, it does so in a strong manner.

Hence, XMR could break above this level and potentially hit the $240 mark. On the other hand, if the price fails to rise again, it could lead to the fall of XMR to the support level tested in June of 2022.

XMRUSD & BTCUSD - 1 Week Time Frame

It is apparent that XMR and Bitcoin (BTC) maintain a positive correlation as seen in the chart above. Therefore, Monero traders and investors could also track the fundamental factors and techincal readings linked to Bitcoin as they are also likely to impact the price movement of XMR.