Amid Rising Miner's Revenue, Analysts Are Optimistic Too

30 Agu

In 2023 and 2024, Monroe's trading range was under the range of $110 to $190. It fluctuated over the weekly chart from the upper to the lower border.

After the fall in the first quarter of 2024 from the range's upper border to the lower border, the price took a resurgence in the second quarter. The price peaked at $183 on June 12th, 2024. However, the price fell due to sell-offs and ended up consolidating in the symmetrical triangle.

An analyst, CryptoJack, posted an optimistic tweet on X, where he believes that the breakout in the price chart of XMR seems imminent.

Based on the optimism and rising network activity in the Monero (XMR), if the price breaks out of the pattern and propels higher. Then, the price target could be $173 and $183 over the daily chart.
On Squeezing the chart more in the weekly chart, then the price targets for the second half of 2024 would be at $213, and $287, respectively.

A look at EMA bands shows that the price has been taking support from the 20-day, 50-day, and 200-day EMA bands. MACD on the daily chart shows that the histogram is above the zero line, and the RSI was at 55.44, which is above the median line in a bullish zone.