• XMR has dropped to its January lows, forming a bullish descending wedge pattern.
• XMR’s hash rate has declined significantly since mid-February.
• Open interest (OI) rates in XMR showed slight improvement, indicating a growing demand for the cryptocurrency in the futures market.
Monero [XMR] Price Prediction 2023-24
Bullish Descending Wedge Pattern
Monero [XMR] hiked 27% in January, reaching a high of $188, up from $147. However, the privacy-focused cryptocurrency has corrected all the gains during its decline in February. Its decline chalked a bullish descending wedge pattern which could offer a lifeline to bulls. At press time, XMR had dropped below $150 and formed this wedge pattern. If XMR breaks above the pattern or retests it after a pullback, long-term bulls can aim at the bullish target of $180 – a 14% potential hike. On the other hand, short-sellers can look to book profits at $134 or $122 if there is a bearish breakout below the lower boundary of this pattern ($145). The RSI was below 50 at press time and bears have more influence on the market currently.
Hash Rate & Open Interest Rates
XMR’s hashrate has declined significantly since mid-February as low highs were made since then showing that less computational power and resources were needed to secure the network. This drop leads to depreciation as miners are compensated in XMR so potentially strong bullish breakouts may be farfetched if this continues. On the other hand, open interest (OI) rates for XMR showed slight improvement with high lows being made since mid-February indicating an increase in demand for XMR in the futures market which could pave way for bullish breakouts if momentum picks pace.
How Much Is 1, 10 & 100 XMRS Worth Today?
At press time 1 Monero was worth approximately $148 while 10 was worth approximately $1480 and 100 was worth approximately$14800 according to CoinMarketCap data .
The information presented does not constitute financial, investment, trading or any other types of advice and is solely based on writer’s opinion hence readers are advised to do their own research before making any decisions based on it .