- Monero price had a better performance in May than most coins.
- XMR has formed a triangle and a double-top pattern.
Monero price has consolidated in the past few days as the recent remarkable recovery has faded. XMR is hovering at about $200, where it has been this week. The price is about 73% from the lowest level in May. Its total market cap has risen to about $3.5 billion, making it the 25th biggest cryptocurrency globally.
XMR May review
Monero price had a mixed month in May as investors feared contagion after Terrra’s ecosystem crashed. At the time, the coin crashed to a low of $115, which was the lowest level sice June 2020. It also declined after the Federal Reserve made its first 0.50% rate hike in more than 20 years.
However, unlike many other cryptocurrencies, Monero had a faster recovery in May as its price jumped to about $210. This happened as investors moved back to privacy coins like Monero and Zcash. At the same time, transactions within Monero’s ecosystem were relatively stronger than other coins.
For starters, Monero is the biggest privacy token globally. It works by solving some of the most important challenges that public chains like Bitcoin and Litecoin have.
Learn more about how to buy Monero.
Monero solves the privacy challenge by ensuring that a user’s public address is not associated with the transactions that they make. For example, when a user sends XMR to a person, the network creates a new random account, where the funds are deposited. The new account will never be associated with the recipient.
As a result, Monero has become popular among people who have various needs. For example, it is used by people who trade in the dark web, which is a major industry. Further, it is a favorite coin among libertarians who believe in the need for privacy.
Monero price prediction
Turning to the four-hour chart, we see that the coin has been in a consolidation mode in the past few days. Along the way, the Monero price has formed a symmetrical triangle pattern. At the same time, it has formed what looks like a double-top pattern, which is usually a bearish sign. The chin of this pattern is at $167.
At the same time, the XMR price has moved slightly above the 25-period and 50-period moving averages while the MACD has moved above the neutral level.
Therefore, at this point, the outlook for Monero is neutral. A move above the key resistance level at $206 will mean that bulls have prevailed and the coin will keep rising to about $250. On the other hand, a move below the support at $190 will be bearish.
