Monero Price Prediction: Will XMR Price Reach $190 in Mid-2023?

Monero Price prediction suggests the uptrend will continue in coming months.
XMR price holds at $150.00; shows signs of upside range expansion.
XMR crypto price sustained above 50- and 200-day EMA showcasing an uptrend.

Monero price prediction remains bullish in the long term and suggests a rise in the coming months. XMR price is up by 5.68% (approx.) on a weekly basis and breakout from the $160.00 hurdle indicates bulls are returning back to the track.

XMR price is also sustaining above the 50- and 200-day EMA showcasing an uptrend on a positional basis. However, if any minor profit booking arrives then probability of bouncing back from the support level remains high.

XMR price is trading at $162.30 with an intraday rise of 0.19%. The 24-hour volume to market cap ratio is at 0.0416. The pair of XMR/BTC is trading at $0.005895 with an intraday decline of -0.14% which shows minor divergence between both the pairs. In mid-January, Monero price gained a positive momentum and displayed a Golden crossover, creating hope for its long term investors. Later, XMR price rallied 20% (approx) in a short period of time and hit a high of $187.00.

Monero Price New Demand Zone

Monero price consolidated for some time in a narrow range and attempted to break out of the previous high but got rejected and reverted in a downward direction. Slow and steady XMR price started declining by forming lower lows and slipped below the 50 and 200 day EMA which invited the further selloff. Moreover, the global market sentiment also began to turn bearish which negatively impacted the XMR crypto and prices lost almost all its previous gains.

However, around a week ago, XMR price tested $131.00 support and witnessed some strong buying from the lower levels. Therefore $131.00 will now act as the demand zone for the bullish traders.

XMR Price Action; is it Sustainable?

XMR price witnessed a massive spike in the buying volume and prices also followed the same direction. It indicates some genuine buyers have accumulated from the lower levels and the recent up move looks sustainable.

XMR crypto price recovered 23% (approx.) from a recent swing low and regained both the EMAs showcasing that buyers are returning back to the bullish track. Technical analysis suggests that the probability of reaching $190.00 will increase when bulls are able to sustain the price above the 200-day EMA in the coming months. On the other hand, if the price drops below $150.00 then bears could again try to drag the prices down towards $130.00.

Conclusion

Monero Price prediction suggests a rise of 15% (approx.) in coming months if bulls are able to hold the prices above the 200 day EMA. However, it also depends on market sentiment. If the global cryptocurrency remains bullish then XMR price can see range expansion and reach the previous swing high. Else, XMR crypto price might consolidate in the narrow range mentioned in the chart.

Technical levels

Resistance levels : $170.00 and $187.00

Support levels : $131.00 and $115.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing