Monero price analysis: XMR returns to $145 after bouncing back on $140 support

The Monero price analysis shows that the XMR price action found support at the $140.0 mark and the bullish momentum has enabled the price to return to the $144.0 mark. However, the price action still faces strong bearish pressure at press time as the bulls face rejection at the $145.0 mark.

Timeline of Monero

Mordinals, also known as Monero ordinals, have emerged as a novel feature within the Monero blockchain, enabling the incorporation of additional information and expanding its capabilities beyond transaction data storage.

The Monero price analysis indicates that bearish momentum dominated the XMR/USD market throughout the previous week. A continuous downward movement was observed, as depicted by the presence of red candlesticks on the chart.

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.

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.