Monero’s price has been going sideways for the past few days after the recent rally has faded. The coin dropped to a low of $152.18, a few points lower than this week’s high of $157.16, and has risen by more than 12% since September’s lowest point.
Monero, like other cryptocurrencies, is affected by the ongoing war in Israel which began on Saturday. With the fear of energy prices increasing, the Federal Reserve may continue to hike rates in the upcoming months.
Brent and West Texas Intermediate (WTI) prices have risen to $87.40 and $85.60 respectively, while Natural gas prices have also increased. The next important factor to influence Monero and other cryptos is the Federal Open Market Committee (FOMC) minutes release on Wednesday.
The FOMC minutes will provide additional information on the last meeting and give more clarity on what to expect from the next meeting. Additionally, economists anticipate the US consumer price index (CPI) data will show that inflation has jumped by 3.6% in September. Monero is also reacting to the dropping US bond yields, with the 30-year yield falling to 4.8%.
Monero Price Forecast
The XMR crypto price has been in a tight range for the past few weeks and has formed a symmetrical triangle pattern, which is nearing its convergence level. Monero has moved slightly above the 25-day and 50-day moving averages, while the Relative Strength Index (RSI) has increased. It has also risen above the key resistance at $149.6, the highest point on August 22nd and September 15th. Therefore, the outlook for the coin is neutral at the moment. Key support and resistance levels are at $140 and $163.
How to Buy Monero
Binance is one of the biggest cryptocurrency exchanges on the market since it was founded in 2017. Ava Financial Ltd operates the AvaFX and AvaTrade forex brands and related businesses. The company has a branch office in Dublin, Ireland, which enabled it to receive an operational license from the Irish authorities.
