Caught in a tight range, XMR’s next move could be crucial.
Share
Key Takeaways
XMR has traded flat in July, with price action confined within a symmetrical triangle.
The Qubic-led 51% mining attack poses a new threat, potentially derailing any uptrend.
If selling pressure increases, the XMR coin price may drop toward $258.90.
Unlike most of the altcoin market, which pushed higher in July, Monero (XMR) has stayed flat.
As of this writing, the XMR was trading at $319.49, showing little to no net gain for the month.
The privacy-focused coin has mostly been range-bound, swinging between a low of $298.19 and a high of $358.96 — a tight window that reflects hesitation.
While some may view this as a chance to scoop more XMR at discount prices, this analysis begs to differ. This is why it could take some time before the Monero coin bounces higher.
XMR Remains Compressed
The daily XMR/USD chart clearly shows that Monero has been stuck in a symmetrical triangle. This current setup indicates indecision, with neither bulls nor bears taking complete control.
Price compression within the triangle explains its tight range in July. While this pattern sometimes precedes a breakout, the XMR coin price direction still hangs in the balance.
Try Our Recommended Crypto Exchanges
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
Amid the ongoing consolidation, CCN analyzed the Moving Average Convergence Divergence (MACD). The MACD has formed a bearish crossover, with the reading dipping into negative territory.
Beyond the charts, Monero has found itself in a brewing controversy.
Over the weekend, decentralized project Qubic, through its founder Sergey Ivancheglo, announced plans to capture 51% of Monero’s mining share.
The reaction was swift. XMR supporters call it an economic attack, warning that Qubic’s incentives for miners come at a steep price — their privacy.
Many also see it as a coordinated attempt to undermine the network’s integrity, sparking a broader debate about decentralization and trust in crypto mining.
If the dispute isn’t resolved soon, the fallout could weigh heavily on XMR’s price, making it increasingly difficult for the count to push toward $400.
XMR Price Prediction: Trapped in Downtrend
Zooming into the 4-hour chart, CCN noticed that XMR’s price has been stuck in a descending channel.
As such, the cryptocurrency has found it challenging to break above the swing high at $347.46.
Besides that, the Awesome Oscillator (AO) reading has dropped to the negative region, reinforcing the bearish momentum around the altcoin.
In addition, the Chaikin Money Flow (CMF) has also declined below the zero signal line, indicating rising selling pressure.
If this continues, XMR’s price might drop below support at $315.15. If that happens, the next target for the coin could be a correction to $302.19.
However, if buying pressure increases, XMR might break above the upper trendline of the falling channel. If that were to happen, the price might jump to $345.56 or as high as $391.05.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
