Monero (XMR) Crashed 40% In July – The Long-Term Uptrend Is Still Strong – It’s Time To Buy The Dip
After the bulls returned in the crypto market back in April, for a while, Bitcoin and cryptos’ prices suffered a strong correction.
While some crypto enthusiasts freaked out, experts explained that such a correction is healthy and there’s nothing to worry about.
CCN reminds readers that on June 23, Monero (XMR) reached a 2019 high of $121.12. Back then, the privacy-oriented coin was up by more than 194%.
At the moment, XMR is trading in the green on CMC, and the privacy-oriented coin is priced at $80.46.
Monero is still bullish from a macro perspective
But then, the six-month run has been met by heavy selling, and those who bought the coin early were happy to dump it for a substantial profit.
CCN explains that “As a result, Monero plunged to as low as $71.842 on July 17. That’s a brutal drop of over 40 percent in less than a month.”
The online publication made sure to highlight the fact that the good news is that the crypto is still bullish but from a macro perspective.
Long-term investors should buy the dip
They note 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.
The online publication concluded that the Monero retracement is really healthy for the long-term sustainability of the uptrend.
In other news, there’s an important upcoming event scheduled for the Monero community.
Monero Village DefCon 2019 will be taking place between August 8 and August 11.
According to the official website, the Monero Village has been created by the Monero community members with the main goal of “teaching others about, and spreading awareness of, the cryptocurrency Monero, and what it adds to both the cryptocurrency space, as well as the global privacy conversation.”
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.