Monero Price Analysis: XMR Is Trying to Move Up in Spite of a Highly Demotivating Market stature

The crypto market sphere has no positive update to assure investors with hopes regarding investing in their favorite altcoins like Monero. The condition is further aggravated with intense volatility and the erratic and turbulent nature of Bitcoin. Even, the condition is not expected to improve before the end of this year.

Current Statistics of Monero:

  • Monero Price: 95.20 USD
  • XMR Price in BTC: 0.00789789 BTC
  • Circulating supply: 17,139,312 XMR
  • Market Cap: $1,647,826,611 USD

XMR to USD Price Comparison & Forecast:

xmr price Prediction
XMR Price Chart

From the above 5-day XMR chart, it is seen that from 30th July to 3rd August, it has continuously traded below the baseline with no bullish peep ups in between. This is indicating that the bearish ranges are highly dominant so far; the trend of Monero is concerned. Its momentum is also very unstable. On 31st July, XMR price has traded as low as 82.5897 USD, and yesterday it traded up to 94.9205 USD. Considering yesterday’s data, its pivot point is 92.70. Based on that, its first resistance is 95.74. From the above Monero chart, it is seen that coin is very close to its first resistance and can cross this value at any time provided the market condition let it do so. Considering this analysis, we think that in the upcoming days, XMR might reach around $98.70.

bit

Conclusion:

In the concluding note, it can be said that the crypto market sphere is highly volatile, and it can ravage the price trend of XMR at any time. So, it’s better for the investors not to consider any investment on the same and to wait for the right time until the market condition improves.

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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