Price Analysis

Intraday Trading of Monero (XMR) Likely to Experience a Pullback

  • Monero price spent a power-packed week.
  • Intraday traders are likely to experience a pullback in the price.

Monero price is currently dealing with a bearish trend. From the last six days, the coin is experiencing a heavy fluctuation. The volatile movement is not only affecting XMR coin but the market as a whole. The month was expected to help the coins grow as in the last quarter the market suffered a lot. We are still hopeful that the fluctuation would invite the much-awaited upsurge in the market.

If we look at yesterday’s chart, XMR coin price was seen touching a high at $56.83 and a low at $55.13. Let’s have a look at today’s graph and see what’s hidden for today.

XMR Price Chart (1-Day)

The data feed is gathered from Bitfinex on October 7, 2019, at 04:29:22 UTC for Monero price analysis.

Monero Price Chart
Monero Price Chart by TradingView

Looking at the above chart, we can observe that the Monero price fell tremendously. The fall started with the beginning of the day. The price counter first moved from $56.6 to $56.2 by 0.65% and later to $55.5 by 1.33%. There was a moderate recovery that brought the price of XMR coin up to $56 by 1.22% but it again fell to $55 by 1.50%. There was another recovery that brought the price back to $56 by 1.70%. Later, the coin fell tremendously to $54 by 3.35%. The final recovery took the price to $55 by 1.44%. The currency marked an intraday fall of 3.06% as it closed at $54.8. Today, Monero marked improvement in the price. The counters moved from $54 to $55 by 0.87%.

Monero Price Prediction

Monero is counted among the result giving cryptocurrencies in the market. The future is speculated to be great for the coin. The traders who have been investing in XMR must be aware of the benefits that come along. The current scenario mustn’t be impressive, but the future is anticipated to hold better results.

As per the current statistics, the market cap is noted as $951,613,866. The 24hr volume is standing at $80,986,275. The circulating supply is marked as 17,245,713 XMR. The ROI (return on investment) is at 2130%. We would recommend a long-term investment to the interested investors. It is believed that XMR would give the expected result in the specified period.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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