Price analysis of XMR Monero

Monero, the privacy-focused cryptocurrency is one of the most popular names when it comes to the world of cryptocurrency technologies. With a market cap of $3.6 Billion, Monero is currently ranked in at #13 when it comes to the list of the top cryptocurrencies in the markets. Monero, which is currently priced in at $229 – has a strong growth in sight.

While the currency has fallen by close to 14% today, there’s still hope for Monero. The currency opened the day at a price of $267 and a market cap of $4.2 Billion – following which the price continued to be on a downtrend throughout the day – reaching a low of $229 24 hours later. Despite this fall, however, Monero (XMR) continues to show a strong sign of growth in the near future.

While the currency has fallen by 14%, a bounce-back is on its way. Over the past seven days, Monero had dipped to a 2018 low of $149. From there, the currency gained another $121 and reached $270 before this downtrend began. Monero faces a strong resistance at the $275 mark. However, once a new uptrend is formed, this resistance is almost certain to be broken.

Price analysis of XMR Monero
Technical Analysis of Monero (XMR) | Image: Tradingview

The graph above shows that there are going to be a number of ups and downs before that thick red line of resistance is broken. This is the $275 mark which has been causing Monero prices to collapse time and again. However, with a strong growth rally and the market bulls backing them, Monero (XMR) is all set to breach the $275 line of resistance over the next couple of days.

While this is the ideal scenario which is expected to be the path the currency will follow, there’s another scenario – the currency isn’t able to break out and the price falls. In that case, the price may fall down to the $150s. It is best advised to set up a stop loss which ensures you do not make a loss on trading.

For more (XMR) Monero price updates and news stay tuned to Cryptocrimson or you can also bookmark our page. We’ll also keep adding updates to this article for real-time analysis.

Here’s a look at more such cryptocurrencies today:

Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advise.

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Simran is a computer engineer. By choice, she is a writer and an editor. She loves playing and following football. An ardent supporter of the Barcelona Football Club, she also loves watching re-runs of ‘F.R.I.E.N.D.S’ TV show. Simran has been investing as well as writing about cryptocurrencies since 2013. You can contact her on simran@cryptocrimson.com

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