We use cookies to offer a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. By clicking accept, you consent to our privacy policy & use of cookies. (Privacy Policy)

Monero Price Prediction: Bearish Pennant Could Point to a Coming Selloff

The Monero price prediction is for a potential move to the downside if the pattern on the daily chart is to be respected. 

Monero and other privacy coins had experienced a recent appreciation after Australia’s government had announced plans to start taxing crypto transactions. This announcement triggered some demand on coins that provide some obscurity to crypto transactions.

The XMR/USDT pair saw an appreciation that took it from just above the $120 price level following the crypto crash to as high as $330 a few days after. However, Monero has struggled to maintain the upside move and has fallen to $259 as at 1 June. 

The price picture shows a bearish pennant, which could spur more selling in the near term. 

Technical Levels to Watch

For the near term, the Monero price prediction favours a downside resolution of the bearish pennant on the daily chart. This move requires a breakdown of the double support at 241.79 and the pennant’s lower border. If this move succeeds, we could see price taking out 199.04 (26 February and 6 March lows) and 173.62 (23 February and 23 May lows) on the way to achieving a measured move that could take XMR/USDT sufficiently lower. The 27 January/19 May lows at 122.79 look like a distinct possibility. 

This Monero price prediction is only negated if the bulls take the XMR/USDT pair above 290.32, breaking the pennant’s consolidation area to the upside in the process. In this case, 330.76 would be an additional target to the north, as will 376.97.

Don’t miss a beat! Follow us on Telegram and Twitter.

XMR/USDT Daily Chart

Follow Eno on Twitter.