Monero (XMR) increased by 19% after a rise of 9.33% last week. The technical forecast suggests a breakout upward and a continuation of the rally with a target of $345.
The price of $Monero breaks above the ascending triangle on the daily chart, rising over 19%. This model was created by drawing
two trend lines from mid-November that connect the swing points on the daily chart between several higher lows and several equal highs.
This breakout of the technical model favors the bulls, and the target is usually determined by measuring the distance between the first daily high and the first daily low to the breakout point.
If the breakout level is retested and support is found around the daily level of $241.95, #XMR may rise to a technical target of $345.23. However, traders are advised to lock in profits around $300.
The Relative Strength Index (RSI) momentum indicator on the daily chart is at 83, which is above the overbought level of 70, indicating that the current rise may face cooling pressure. However, the bullish momentum remains strong.
Open interest (OI) #Monero further supports the bullish forecast. Coinglass data shows that OI for XMR futures on exchanges rose from $20.13 million on Friday to $30.38 million on Monday, reaching a year-to-date high. An increase in OI indicates new or additional money entering the market and new purchases, suggesting a rise in the price of Monero.
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