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.
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Technical Analysis of Monero (XMR) | Image: Tradingview[/caption]
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.
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