Monero (XMR) price estimate Q4, 2022 – Rise or Fall?

Monero (XMR) and most of the major cryptocurrencies continue to be under pressure alongside equities after Minneapolis Federal Reserve Bank President Neel Kashkari said this Wednesday that he did not see evidence that core inflation has peaked.

His words suggest that the Fed needs to be more aggressive in combat to fight inflation, and the market believes that the Fed will hike rates at least by 75 basis points at its meeting in November. Monero (XMR) has weakened from $166 to $133.96 since September 12, 2022, and the current price stands at $145.99. But where is the price of Monero (XMR) going next, in the fourth quarter of 2022?

Today, Crypto Lists will discuss Monero price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

The Fed will need to continue to tighten policy to bring inflation down

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Supply: 18,189,279
Release date: April 18, 2014

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The upside potential for Monero and the cryptocurrency market remain limited in the fourth quarter of 2022, especially if the U.S. Federal Reserve continues to act aggressively. Minneapolis Federal Reserve Bank President Neel Kashkari said this Wednesday that he did not see evidence that core inflation has peaked and repeated recent comments from other Fed officials that the Federal Open Market Committee is not considering raising their long-stated target of 2% inflation. Minneapolis Federal Reserve Bank President Neel Kashkari added:

“The consumer price index slowed to an 8.2% year-over-year rate in September from 8.3% in August, data released last week showed. However, core consumer prices jumped to a 6.6% rate from 6.3% in the previous month. Fed will need to continue to tighten policy to bring inflation down closer to the goal, and we want to see clear evidence of a slowing of inflation before we would consider pausing rate increases.”

Salah-Eddine Bouhmidi, head of markets at I.G. Europe, believes that the price of Bitcoin is on track to plunge to $13,500 by the end of the year, and if this happens, Monero will certainly be at a much lower price level. Galaxy Digital boss Mike Novogratz also believes that the cryptocurrency market recovery is less possible in the fourth quarter and predicts that the Fed would raise interest rates “a few more times.” Despite this, Mike Novogratz remains bullish on the cryptocurrency market in the long term.

Technical analysis for Monero (XMR)

Monero (XMR) has weakened from $166 to $133.96 since September 12, 2022, and the current price stands at $145.99. Monero might have a hard time holding above the $140 level in the upcoming weeks, and a break below this level would indicate that XMR could probably test the price level at $130.

On the chart below, we can see that XMR has been moving in the range from $135-$150 last several weeks, and as long the price of XMR is below $150, it remains in the SELL-ZONE.https://www.cryptolists.com/blockchain/xrpl/

Important support & resistance levels for Monero (XMR)

On this chart (the period from February 2022), I marked important support and resistance levels that can help traders to understand where the price could move. Monero (XMR) remains under pressure, but if the price advances above $150, the next target could be resistance at $160. The current support level is $140, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $135. If the price drops below $130, which represents very strong support, the next target could be located around $120.

What speaks for the rise in the Monero (XMR) price?

The last several months have been extremely taff for the cryptocurrency market, and crypto coins and tokens have been suffering from heavy selling due to hawkish signals from central banks and uncertainty because of the Ukraine crisis.

Monero (XMR) remains under pressure, but if the price advances above $150, the next target could be resistance at $160. Traders should also consider that the price of Monero is correlated with Bitcoin, and if the price of Bitcoin jumps above $22000, we can see XMR at higher price levels.

What indicates further downfall for Monero (XMR)?

Monero has weakened more than 45% since April 22, and the risk of further decline for XMR is not over. Multiple factors appear to be causing investors to distance themselves from this cryptocurrency. As usual, XMR’s recent huge volatility is highly associated with the price of Bitcoin and with the U.S. stock market.

The upside potential for Monero (XMR) and the cryptocurrency market remain limited, especially after comments from Minneapolis Federal Reserve Bank President Neel Kashkari, who said this Wednesday that he did not see evidence that core inflation has peaked. Monero might have a hard time holding above the $140 level in the upcoming weeks or even days, and a break below this level would indicate that XMR could probably test the price level at $130.

What do analysts and experts say?

Monero (XMR) and most of the major cryptocurrencies continue to be under pressure alongside equities after Minneapolis Federal Reserve Bank President Neel Kashkari said this Wednesday that he did not see evidence that core inflation has peaked. His words suggest that the Fed needs to be more aggressive in combat to fight inflation, and the market believes that the Fed will hike rates at least by 75 basis points at its meeting in November. The fourth quarter of 2022 will likely be a tough period for Monero, and according to Mike Novogratz, CEO of Galaxy Digital, Monero (XMR) and many other cryptocurrencies could decline even more. Craig Erlam, a Senior Market Analyst at Oanda, said that the outlook for risk appetite in the near term is not looking good, and cryptocurrencies would not make any significant jump until the Fed shifts its policy from hawkish and goes back to monetary easing.