Monero (XMR) crashed sharply on Saturday, dropping over 8% to hit $161.28. Though the coin had risen previously, the latest drop has given investors high hopes. Market participants are now wondering whether the coin will continue to fall to the $160 levels or surge in the coming trading sessions.
XMR trading leaves investors uneasy
Notably, XMR is currently selling at a 67.13% discount compared to its all-time high of $517.62. The cryptocurrency XMR currently sits in 28th place with a market cap of $3.17 billion.
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Despite all the difficulties, the coin is showing a strong positive trend in the cryptocurrency market as the 50-day EMA is consistently supporting the 1-day price chart. The Moving Average Convergence Divergence (MACD) is showing a steady green histogram along with positive movements recorded by the average. This indicates that if signs are bullish, Monero price has a bright future in the cryptocurrency market.
How did Monero gain importance in the market?
Monero is a cryptocurrency that prioritizes secrecy and anonymity. In contrast to most cryptocurrencies that emphasize security and openness, Monero maintains the ideal of anonymity. In this respect, it differs from popular transparent blockchains such as Ethereum and Bitcoin. By using technologies such as stealth addresses, ring signatures, and Ring Confidential Transactions (RingCT), Monero protects the privacy of its users. These features mean that all users on the Monero network are anonymous by default, with senders, recipients, and transaction amounts hidden.
Will XRM rise in the future?
Considering the current bullish indicators, based on price estimates, Monero price is expected to rise by 15.62% to $188.05. Moreover, technical indicators indicate that the mood of the coin is currently bullish, with the fear and greed index at 72 (greed).
In the past 30 days, Monero has been in the green for 20 out of 30 days (67%), with a price volatility of 3.12%. According to the data, Monero price predictions have a generally bullish mood, with 27 technical analysis indicators showing optimistic signs and 4 showing negative signs.
Over the next month, Monero’s 200-day SMA is expected to rise to $148.87. Over the same period, Monero’s short-term 50-day SMA is projected to reach $175.49. The momentum oscillator known as the relative strength index (RSI) is a widely used indicator that shows when a cryptocurrency is overbought (above 70) or oversold (below 30). An RSI reading of 49.60 indicates that the XMR market is currently in a neutral position.
