The price of Monero (XMR) forms a symmetrical triangle pattern

Monero price has moved sideways over the past few days as the recent rally has faded. The coin retreated to a low of $152.18, a few points below this week's high of $157.16. In September, the lowest point increased by more than 12%.

Monero, like other cryptocurrencies, are responding to the ongoing war in Israel, which began on Saturday. The fear is that this war will raise energy prices, forcing the Federal Reserve to continue hiking in the coming months.

Brent rose to $87.40 while West Texas Intermediate (WTI) rose to $85.60. Natural gas has also increased in the past few days. The next key boost for Monero and other cryptocurrencies will be the upcoming FOMC minutes scheduled for Wednesday.

These minutes provide additional information on the last meeting and give more color to what to expect at the next meeting. Another important piece of data to watch is the upcoming US Consumer Price Index (CPI) data.

Economists expect the data to show that the country's inflation rose by 3.6 percent in September. Monero is responding to falling US bond yields, with the 30-year yield falling to 4.8%.

Monero price prediction

The daily chart shows that the price of XMR crypto has been in a tight range for the past few weeks. Along the way, the coin has formed a symmetrical triangle pattern, which is approaching the point of intersection.

Monero has moved slightly above its 25-day and 50-day moving averages, with the Relative Strength Index (RSI) moving higher. It also rose slightly above the key resistance at $149.6, the highest point on August 22 and September 15.

Therefore, the view of the coin is neutral for the time being. Key support and resistance levels to watch will be at $140 and $163.

How to buy Monero