Monero price is on range-bound trading after dropping from the week’s upper resistance level a few sessions ago. According to CoinMarketCap, the altcoin has had its trading volume drop by 19.74% over the past 24 hours. Besides, its market cap is now at $4.68 billion, down by 3.24.
At the same time, the global crypto market cap has declined by 2.60% from the previous session. In the short term, $250 will likely remain a steady support zone for the altcoin.
Monero price prediction
XMR is trading sideways for the second consecutive session after failing to break out of the week’s resistance zone of 274.66. At the time of writing, the altcoin was own by 0.59% at 262.99.
On Monday, Monero price hit a one-week low of 241.45. Since then, it has risen by about 8.84%. However, it remains 18.54% lower than September’s high of 321.71.
On a two-hour chart, the crypto is trading slightly below the 25 and 50-day exponential moving averages. In the near term, it will likely trade within a tight range of between the resistance level at 268.46 and support level of 259.92.
Even if it breaks out of the horizontal channel on the upside, it will probably remain below the target of 280 as 274.66 remains a major resistance zone. On the flip side, if Monero price moves below the channel’s lower border, 255.62 and 250.13 will be the support levels to look out for.