Monero (XMR) price is struggling to break above its 200-day moving average. This key moving average is considered a line in the sand for swing traders. XMR crypto is one of the oldest cryptocurrencies, which is still relevant. The privacy coin is currently 71.48% down from its all-time high.
On Monday, the XMR to USD pair slid 1.02% as the markets experienced a slight correction. The negative price action could be attributed to the Bitcoin sell-off. At press time, Monero was changing hands at $154.7 after making a daily high of $156.4 earlier in the day.
What Happened To Monero Crypto?
Monero has been one of the pioneering cryptocurrencies with a focus on privacy. Unlike other blockchains, Monero blockchain doesn’t disclose the amount of XMR coins and keeps every transaction anonymous. While the use case is ideal for crypto enthusiasts who want to remain anonymous, it also opens doors for malicious actors.
Over the past few years, the Monero price has underperformed the top cryptocurrencies like Bitcoin and Ethereum. This can be attributed to the increase in regulatory scrutiny for most privacy coins in different jurisdictions worldwide. The anonymous nature of Monero transactions makes it very hard for law enforcement agencies to track the fraudulent transactions.
XMR/BTC Has Collapsed Since 2018 ATH
Cryptocurrency Monero was one of the most hyped coins of the 2017-18 bull run. In fact, Monero outperformed Bitcoin in 2018 as the XMR/BTC pair surged to an all-time high of 0.035. However, the following downtrend in Bitcoin resulted in a collapse of the XMR price as it tanked more than Bitcoin.
In the 2020-21 bull run, XMR crypto immensely underperformed Bitcoin and peaked at $0.0118, which was 66.8% below the 2018 ATH of the XMR/BTC pair. This shows a decreased investor interest in the project in the past few years.
Most of the fresh capital that entered the digital assets flew to the new coins as they offered much more returns than the older coins like Monero.
Monero Price Prediction
If we analyze the XMR/USD chart on a weekly timeframe, we can clearly see the formation of a symmetrical wedge pattern. Some analysts may also refer to it as a bear flag. In both cases, a breakdown below this pattern will make Monero price prediction extremely bearish.
The bearish price target of a breakdown will be $37, but a strong support around $97 may also come into play. On the other hand, in the event of an upward breakout, the bullish price target of $269 could be on the cards, which lies 72% above the current price level.
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Source: https://www.analyticsinsight.net/monero-price-prediction-is-xmr-going-to-269-or-37/