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

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

To Report Kevin Telegraph, Kevin Monroe’s Pros, last week, while the digital currency market fell 8.5 percent, it grew by nearly 9.5 percent. In addition, Monroe has crossed the resistance of its trend line for several months, which indicates that it will climb more in the future.

Monroe has fallen about 4 percent in the past 24 hours from its $ 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 Brookings Institution, an American research group, warned last month that Monroe could be “used as a way to escape sanctions.”

Brookings explained:

The IRS is looking for people who can bypass the privacy model of Monroe, Zcash, and other similar digital currencies because of problems tracking the transactions of quinces. [و تراکنش‌های آن را ردیابی کنند]Has set a reward of $ 625,000.

The Monroe market value has increased by almost 85% since February (February) and has reached $ 4.3 billion. However, technical indicators show that Monroe can grow even more in the second quarter of 2022.

Also read: Introduction to Privacy Coins, Privacy-Based Digital Currencies

Forming ascending patterns on the Monroe chart

This week, Monroe broke the downtrend line that had prevented prices from jumping since May 2021.

The interesting part is that the combination of the top and bottom trend lines on the Monroe chart is something like a rising flag pattern. The most important principle of the ascending flag pattern is that the price will jump from the point where the flag ceiling breaks, in the direction of the previous ascending trend, which is called the flagpole.

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

However, digital currency market analyst Don Yakka claims that in the long run, if the “cup and handle” pattern is created, the price of Monroe could rise to as high as $ 10,000.

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

We must also keep in mind that the prisons of quinces like Monroe are always in danger of falling because of increasing regulatory pressure from various governments around the world.