Monero Braces for a Notable Upswing, Targets $200.30 High

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Monero (XMR) is poised for a notable upswing, with projections indicating a surge from the $170.00 level to an impressive $200.30. Despite a recent lukewarm performance, Monero’s reputation as the foremost privacy coin sets the stage for an anticipated 2024 rally. On November 26, XMR traded around $170.21, experiencing a positive shift on November 28 following the announcement of MoneroKon submissions.

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Hitting a peak at $172.97 on December 2, a minor pullback settled XMR at $172.93 on December 3, resulting in a modest 1.60% weekly gain. Analysts foresee a rise in XMR from $170.00 to $200.30, driven by expectations of heightened adoption. This surge is anticipated in preparation for the upcoming 2024 rally, reinforcing Monero’s standing in the privacy coin market.

Key Monero Levels To Watch – December 13

According to the Stochastic Oscillator, XMRUSD is in a correction phase. The first wave of the bullish trend, which began in June 2023, ended in July 2023 after the formation of a major high at $172.5010. Afterward, XMRUSD experienced a notable correction to the downside, which lasted until the price entered a bullish order block in the discount zone.

The rally resumed afterward, with the price eventually invalidating the $172.5010 major before reversing at $178.7960. The current trading range of the market lies between $178.7960 and $135.7080. The market is currently heading downward as prices retrace from the overbought region. The uptrend is likely to resume once the order block is reached.

Monero Key Levels

Resistance Levels: $210.2710, $187.4960, $210.2700
Support Levels: $135.7080, $116.1380, $96.5670

Market Metrics

Total Market Capitalization: $1.58T
Monero Market Capitalization: $3.1B
Monero Volume: 106M
Market Rank: #25

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