Price Analysis

Will Monero (XMR) Manage to Sustain Its Uptrend?

Monero price began the year on a slow note, but gradually the coin began to gain an upward momentum over time. The price chart of the past 30 days indicates a slow and steady momentum of XMR coin with the price starting from a low of $45 to end with $68. This price movement indicates that the currency looks all set to move away from the bear shadow.

Monero Price Analysis

At the time of penning down this analysis, Monero was trading with an uptrend despite the month started with the price being below the baseline. XMR price was at a low $45.266 on December 21, 2019, but gradually it picked up the pace and moved up to $59.6755 on January 06, 2020, showing a jump of 31.68%. Then, over the next six days, the coin registered a marginal decline of 4.55% and the price reached $57.2392.

After this moderate downside movement, Monero coin continued trade upwards and reached a high of $68.0288 with a huge hike of 18.85%. Today, the price of XMR registered a slight price fall of 2.57%. However, if we look at the overall trend of the past 30 days, the currency holds steady upward momentum and this trend may remain intact.

Monero News
XMR/USD Chart By TradingView

The investor community should consider the current momentum as a positive sign, and as per the current movement and historical data, Monero’s price may trade with strong bullish momentum in the near future. Short-term and day traders can continue to trade but should consider a cautious outlook as the crypto market is still very volatile.

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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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