Price Analysis

Monero (XMR) Price Analysis: Monero in the Season of Upward Price Trend

Speaking of XMR, the month of October will witness a switch to a better algorithm which will be declared as a new ‘proof of work.’ An audit will fund this algorithm to be known as ‘RandomX’ with Arweave. Arweave is known for its biggest launch of permanent decentralized internet and will now implement this algorithm.

If the audit is successful, developers and traders will observe a lot of changes, replacing Cryptonight being one of the headlines. Arweave confirmed this news on 23rd of this month.

25th May Monero Price Analysis:

monero price chart

Yesterday, XMR closed at 85.88 USD value and now trading at 86.59 USD at 4:56 UTC time, which is showing an upward trend! At the same time yesterday, one can understand from the baseline that the trend was in the negative zone. However, today seems to be a bright day for investors and traders to enjoy a positive upward trend.

Today’s Monero value:

  • Traders will be happy to know that Return of Investment of Monero price has reached to 3395.43%.
  • Monero coin is ranked number 13 in the market.
  • The market cap of Monero is declared at 1,470,058,211 USD at 4:56 UTC time.
  • The 24-hour volume is quoted as 79,635,344 USD which is higher than that of yesterday (78,323,421 USD)

Monero Chart

However, the market was a little steep from 5 days. One can notice the highest price mark reaching the value of 92.691 USD on 21st May at 3:45 UTC time. The traders were worried when the lowest low was realized at the value of 80.879 USD on 23rd May at 9:15 UTC time. Time will tell whether the traders really have to worry upon such volatility or not. A substantial movement will surely open the eyes of the traders; let’s keep our mind open for such an event.

XMR Price Predictions:

Well, considering the trends from the start of the year, bulk trading was also noticed when the volume of Monero price changed drastically in this month. The trend seems to go upward and soon enough the value might rise up to 120 USD.

Conclusion:

Lot has happened in the trends of Monero from 3 months now. It is a perfect time for the traders to jump in the market that enjoys the profits of the highest high. We are expecting a significant move in the trend, as so many changes have invited the strong turn already. Till then, let’s observe the upward trend in Monero market.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
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