Monero (XMR) Price Forecast: "Trading Sideways" - Tuesday, October 23rd
Monero (XMR) Price Forecast — Tuesday, October 23rd
Monero (XMR) has been trading sideways and there is no indication that sideways trading will cease in the near future. There has been more of a lean towards the bullish sentiment over the past week and this is evident by the shift in Monero trading. Looking at the past 6 weeks, Monero has been trading sideways, but on a slight downward slope. That slight downward slope has now shifted to an upward slope, albeit, a slight one. While there is no reason to believe this slight upwards rise will change in the near future, it will be important to watch what happens in the news, as well as with Bitcoin, as the price of Bitcoin directly affects the prices of all other major cryptocurrencies.
XMR/USD Price Chart, Tuesday October 23rd:
The Short Term
In the short term, we will see peaks as high as 9% above the current price, and lows that should not dip below the current price. The possibility of a breakout is possible, and it will be important to watch and see if Monero can break through the current resistance level of $124.42. It will also be important to watch and see if the bearish sentiment is able to regain a hold and push the price of Monero down below $103.80, as this would indicate a shift in the opposite direction, which would serve a short position better.
The Long Term
Over the next couple of weeks, you can expect to see Monero prices continuing on a sideways trend, with slight upwards direction. Monero is currently in a consolidation period, so seeking a long-term position should be done with caution. A breakout at the upper supply level is needed if long term gains are to be realized. If taking a long position, exercise extreme caution and keep your finger on the trigger, as a quick sell may be needed.
There is a better potential to make profits with Monero for day-traders, rather than long-term investors.
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