Monero (XMR) took a deep plunge on Saturday, falling over 8% to hit $161.28 the mark. The slide comes after the coin had previously risen, giving investors good hope. Market participants are now wondering if the coin will keep falling to hit the $160 mark or if can it surge in future trading sessions.
XMR trading creates worry for investors
Notably, compared to its ATH of $517.62, XMR is currently selling at a discount of 67.13%. The cryptocurrency XMR has taken up 28th place with a $3.107 billion market capitalization at present.
Despite all odds, the coin has placed a strong positive attitude in the cryptocurrency market as the 50-day EMA consistently supports the price chart in the 1-day time frame. The Moving Average Convergence Divergence, or MACD, shows a steady green histogram with positive behavior recorded by its averages. This indicates that the price of Monero in the cryptocurrency market has a bright future if the signs are bullish.
How did Monero gain market importance?
Monero is a cryptocurrency that prioritizes secrecy and anonymity. Monero maintains the ideals of anonymity, in contrast to most cryptocurrencies that emphasize security and openness. It differs from popular transparent blockchains like Ethereum and Bitcoin because of this. With the use of technology like stealth addresses, ring signatures, and ring confidential transactions (RingCT), Monero protects user privacy. Due to these features, all users on the Monero network are by default anonymous and the sender, recipient, and transaction amount are hidden.
Will XRM rise in the future?
Considering the current bullish indicators, the price of Monero is expected to increase by 15.62% to reach $ 188.05, based on the price estimate. Additionally, technical indicators reveal that the mood for the coin is bullish right now, and the Fear & Greed Index is 72 (Greed).
Over the previous 30 days, Monero had 20 out of 30 (67%) green days and 3.12% price volatility. Data also indicates that there is a bullish general mood for the price prognosis of Monero, with 27 technical analysis indicators indicating optimistic signs and 4 indicating negative signals.
In the coming month, Monero’s 200-day SMA will have increased to $ 148.87. During the same time, Monero’s short-term 50-day SMA is predicted to reach $175.49. The momentum oscillator known as the Relative Strength Index (RSI) is a widely used indicator that indicates when a cryptocurrency is overbought (above 70) or oversold (below 30). At 49.60, the RSI number suggests that the XMR market is now in a neutral position.