Technical Analysis for XMRUSD for 7th October 2021
Monero Snaps Back on XMR-BTC Atomic Swap Interface, Back to $320?
Past Performance of Monero
Monero prices are solid, rising with the rising Bitcoin tide.
At the time of writing, XMR is up seven percent on the last trading day.
As momentum builds up, Monero prices may rally back to recent highs of $320, continuing the July and August 2021 trend.
What to Expect of Monero
The direct correlation between Bitcoin and Monero might benefit XMR.
Already, the coin is up double digits on the last trading day, reversing losses of late September.
In this case, the probability of XMR prices expanding to $320 remains high.
On the flip side, unexpected rejection of higher prices may see XMR crumble to $250—the middle BB.
Monero Technical Analysis
Monero is trading within a bullish breakout pattern, reading from the XMR technical analysis in the daily chart.
Notably, XMR prices are trending higher, with rising trading volumes pointing to possible demand in lower time frames.
Besides, XMR/USDT is within a bullish breakout pattern above the middle BB, reversing from the 78.6 percent Fibonacci retracement level of the July to August 2021 range.
Therefore, in light of this, XMR prices could continue rising with immediate targets at $320.
Resistance and Bull Target to Watch Out: $320
Support level to watch out: $250
Disclaimer: Opinions expressed are not investment advice. Do your research.
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