Monero Price Analysis: XMR Floats Above $90
Monero is currently trading in the red on CMC, and the privacy-oriented coin is priced at $90.44 at the moment of writing this article.
XMR fell by 0.57% this Monday. Partially reversing a 2.47% gain from Sunday, XMR was able to end the day at $91.17.
XMR price predictions
It seems that XMR was able to find support above $90 and enthusiasts hope that the coin will not fall below this figure.
FX Empire online publication notes that “the extended bearish trend formed at late April 2018’s swing hi $298 remained intact. The July fall back through the 23.6% FIB of $99 reaffirmed the extended bearish trend, following 15th December’s swing lo $37.18. Ahead of the pullback, Monero’s XRM had also failed to break through the 38.2% FIB of $137 to take a run at the 62% FIB of $198.”
They are also predicting that “For the bulls, a move back through to $115 levels would be needed to support a run at $140 levels. A move through the 38.2% FIB would see Monero’s XMR form a near-term bullish trend.”
It’s time to buy XMR
On the other hand, there have been more crypto experts who said that now it may be the best time to buy Monero.
Another important online publication, Smaretreum wrote not too long ago that “Analysts and traders in the crypto market usually see these periods of little activities as the best time to accumulate before the next big move takes place.”
More experts have noted that long-term investors should consider buying the dip now because the Monero uptrend remains strong.
More than that, it’s also extremely important to mention the fact that the Monero development team managed to make huge privacy enhancements over the years and they will continue to do so.
In other news, during a recent interview with Rice Crypto which is a famous YouTube channel which highlights cryptos, Riccardo Spagni addressed the need for privacy for people who use digital assets to make transactions.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.