Monero price analysis: XMR increases by 0.85 percent as the price rises to $157

Given that the buying momentum has continued, the most recent Monero price analysis suggests a bullish trend for the day. The coin value continued to decline during the past week, which negatively impacted the market.

Timeline of Monero

The Monero price analysis exhibits hopeful traits because of the price gain today. The past few days haven't been good for XMR because the coin's value has decreased and there has been a strong negative trend.

"Black Swan" author Nassim Nicholas Taleb has alleged that Monero (CRYPTO: XRP) founder Riccardo Spagni was an Interpol mole. What Happened: Taleb said on Twitter that when he argued that everything in Bitcoin (CRYPTO: BTC) was traceable, he was told that Monero could be anonymized.

XMR Price Prediction: Using a falling wedge pattern, the Monero coin price gave its ongoing correction a specific direction. The coin price reverted from the converging trendlines several times indicating the market participants are strictly respecting this pattern.

Monero achieved some level of success in overcoming sell pressure towards the end of February and briefly in the first week of March. However, the bears have finally caught up with it this week triggering significant price slippage.

Monero [XMR] recorded a bearish trajectory on the higher timeframe charts. In contrast, it posted significant gains of 9.14% over the last four days, before facing rejection around the $155-zone.

The cryptoverse is home to a myriad of projects employing P2P (peer-to-peer) technology. But one such cryptocurrency which is widely known and is popular amongst users mainly for its privacy-oriented features is Monero. It is built on one of the most unique blockchains that make the transaction details anonymous.

Monero's [XMR] hiked 27% in January, reaching a high of $188, up from $147. However, the privacy-focused cryptocurrency has corrected all the gains during its decline in February.

Monero's [XMR] press time plunge was likely because of an increasing divergence in key technical indicators. XMR dropped by over 6% in the past seven days, as per Coingecko's data.

The Monero currency was first released in April 2014 as a Bytecoin fork. The coin was developed on the principle of fungibility and privacy and implements a unique concept known as blockchain obfuscation.

Monero [XMR] has broken above a higher timeframe trendline resistance, and also progressed past the $160 mark. The $150 – $160 area has been contested since September 2022, therefore the daily session close at $168 on 11 January was a sign of bullish intent.