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.