Monroe price analysis; XMR could reach $ 10,000 this year

Monroe has had a good uptrend over the last seven days as many digital currencies have fallen. However, some analysts, citing Monroe’s price charts, believe that this digital currency could reach the $ 10,000 target by the end of the year.

According to the Quin Telegraph, the price of Quinn Monroe rose by nearly 9.5% last week as the digital currency market fell 8.5%. In addition, Monroe crossed the resistance of its trend line for several months, indicating that it will climb more in the future.

Monroe has fallen about 4 percent in the last 24 hours from a $ 245 peak in the last two months. However, this digital currency still outperformed its main competitors, such as Bitcoin and Atrium, on a weekly basis.

Speculation about companies using Monroe to circumvent sanctions is likely to make it more attractive to investors. Meanwhile, the American research group Brookings Institution warned last month that Monroe could be “used as a way to avoid sanctions.”

Brookings explained:

The IRS is looking for people who can circumvent the privacy model of Monroe, Zcash and other similar digital currencies due to problems tracking quince transactions. [و تراکنش‌های آن را ردیابی کنند]Set a prize of $ 625,000.

Monroe’s market value has increased by almost 85% since February to $ 4.3 billion. However, technical indicators show that Monroe may grow even more in the second quarter of 2022.

Chart of market value of Monroe from February
Chart of market value of Monroe from February.

Read also: Introduction to privacy coins, privacy-based digital currencies

Formation of ascending patterns on the Monroe diagram

This week, Monroe broke the downward trend line, which prevented prices from jumping from May 2021.

Interestingly, the combination of upper and lower trend lines on the Monroe chart is something like a rising flag model. The most important principle of the rising flag model is that the price will jump from the point where the ceiling of the flag breaks, in the direction of the previous upward trend, which is called flagging.

Rising flag model in Monroe price chart (weekly view)
A model of the rising flag of the weekly price chart of Monroe.

As a general rule, the purpose of the flag pattern after breaking the resistance of the pattern is to jump as high as the height of the first bar. So there is a chance to jump from approximately 110% (an increase of $ 235) in Monroe to $ 480.

Digital currency market analyst Don Jaca says that in the long run, if the “cup and handle” model is created, the price of Monroe could rise to $ 10,000.

Model of cup and handle in Monroe diagram (in 1 day view)
Cup and handle model in the 1-day Monroe chart.

The formation of the model of the cup and the handle shows the continuation of the upward trend. In this model, the price first fluctuates in a trend in the form of the English letter “U” and then there is a sharp correction, which shows a stabilization of the price and is referred to as the “category” of the model. The pattern of the cup and the handle is very similar to the pattern of the flag.

We must also keep in mind that monkey prisons like Monroe are always in danger of falling due to growing regulatory pressure from various governments around the world.

Price analysis after Monroe; XMR could reach $ 10,000 this year for the first time in Digital Currency.

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