Monero Price Prediction – Can XMR/USD Target 240?
Arslan Butt • 2 min read
- US dollar extends its negative early-day moves, remaining well offered during the European session.
- Cautious sentiment ahead of the Federal Open Market Committee (FOMC) Minutes, also significantly undermining the dollar.
- XMR/USD pair is trading at the 252 level, having disrupted the support level of 263.
The XMR/USD coin failed to stop its declining streak of the previous session, taking further offers around the $250.00 level. The recently discovered Monero (XMR) glitch is still impacting the Monero prices. It is worth recalling that the developers of Monero (XMR) discovered a bug capable of exposing its users’ transactions. This is keeping the Monero price prediction bearish.
Apart from this, John Oliver, the host of the political comedy show “Last Week Tonight,” recently poked fun at the privacy-based coin Monero, in a short aside, while covering the growing threat of ransomware attacks in the United States. This also seems to be putting pressure on the price of Monero (XMR).
Monero is trading at $251.489 – Monero Price Prediction
The Monero is trading at $251.489, with a 24-hour trading volume of $218,318,365. Monero has dropped by 6.01% in the last twenty-four hours. In contrast, the downticks in the XMR/USD coin pair were capped by the weak US dollar.
The broad-based US dollar extended its negative early-day performance and remained well offered during the European session. However, this could be because of the recent release of disappointing US Retail Sales data, which raised doubts over economic recovery in the US, and contributed to the losses in the greenback.
The cautious sentiment ahead of the Federal Open Market Committee (FOMC) Minutes also significantly undermined the dollar. Therefore, the losses in the American currency were seen as one of the key factors that limited the downswing in Monero (XMR).
Oliver reiterated the story of a woman targeted by hackers on her home computer, who was forced to pay them through Bitcoin before they released her files. Oliver says cryptocurrencies have made it much easier to make money from ransomware, and much more difficult for law enforcement to recover payments. These headlines tend to undermine the XMR/USD coin.
Monero Price Prediction – Upward Trendline Resistance at $263
On the technical side, the XMR/USD pair is trading at the 252 level, having disrupted the support level of 263. Immediate support prevails at the 248 level. A bearish breakout below the 248 level could expose the XMR/USD price towards the 240 and 225 support zones.
On the higher side, the XMR/USD pair is likely to face resistance at the 263 level. A bullish breakout at this level could lead the XMR/USD price towards levels of 271 and 286. Good luck!