Monero To Rally Higher

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Monero To Rally Higher

Monero To Rally Towards $344

senior crypto analyst has forecasted that Monero is on track to hit the $344 level. He added that the local market structure and the technical analysis point towards an upcoming rally in Monero.

For now, the Monero price is below the $250 handle, which is also acting as a strong resistance. But the chart of Monero shows that the price is still trading in a pennant pattern. So, we can expect a potential upside expansion in the Monero price.

Monero Getting Ready For Recovery

Experts believe that recovery in Monero is expected anyway, as it declined by almost 10% recently. This happened when one mining pool managed to secure 51% of the hashrate and raised serious centralization risks.

But now, it seems that the market has gotten over that fear and is now on the path toward recovery. A quick look at the chart shows that Monero has already found solid support and is now gearing up for a leg higher.

Looking ahead, Monero will continue to consolidate inside the trading pattern before breaking higher. Once the Monero price breaks out from the upper line, the next target will be $344 - $350.

But before reaching that bullish target, Monero will also have to clear the round level of $300. But once the $300 is cleared, the next targets will be $344, $400, and even $450.

Even the analysis of the volume indicator shows that Monero is going through consolidation. And everyone knows that volume spikes and big price movements are common after a period of consolidation.

For now, the outlook for Monero remains bullish, provided that the support near the $230 remains untouched. If that happens and the overall crypto market is also bullish, then the path of least resistance for Monero will be $344.

But if the $230 support of Monero breaks, then the next stop for Monero will be $200, and even the $180 support level.

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