We apply technical chart analysis to predict cryptocurrency prices. Our latest Monero price forecast has been spot on.
The Monero price was at 0.00133101 BTC when we gave the rally forecast. Only 24 hours later, The Monero price rocketed to 0.0019390 BTC. This is a +45.68% increase. This is a percentage increase that we see often in cryptocurrencies, but not in conventional financial markets like stocks, mutual funds, etc.
What Will The Monero Price Do Next?
We can use the same technical analysis principles to forecast the next moves of cryptocurrencies. In this case, we clearly see an impulsive rally from the 0.0009100 low to the 0.0019390 BTC high in the December 17 - 28 period.
The following downturn is a corrective one. It lacks a 5-wave Elliott Wave structure. Also, the volume during the decline has been low.
We now see another rally leg as the most likely scenario going forward.
This means that we see a rally to new highs above 0.0019390 BTC in the next days or weeks. This next Monero price rally will most likely reach the 0.0020 - 0.0024 BTC area.
Looking at the 240min Monero price chart below, we also see a nice parallel trendchannel during the decline. And this channel has just been broken to the upside. Based on our research, we believe that the next days will again be exciting for Monero prices.
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