Monero (XMR) Drops To $80 Despite Getting Support From Nick Szabo

Just the other day, we were reporting that Monero (XMR) has been gaining increased interest from investors that the privacy-oriented coin is definitely gaining more recognition these days.

More experts are claiming hat XMR is a viable investment option for the future.

Nick Szabo supports XMR

Cryptographer Nick Szabo just said that for privacy, Monero is much better than Bitcoin, and he encourages people to use it.

Monero is still vulnerable -bearish predictions ahead

the coin still seems to be pretty vulnerable these days. At the moment of writing this article, XMR is trading in the red on CMC, and it’s priced just above $80.

The level of $100 is a crucial point for the coin, and experts expect to see when this can be surpassed again.

Cryptocurrencynews online magazine has a pretty bearish prediction regaring the price of XMR.

They note that “Currently, Monero (XMR) is stable but still under pressure, just like Bitcoin and other coins, and there is a possibility of bears flowing back. XMR’s flexible resistance level of $100 is likely to edge lower unless a surge happens beyond the middle Bollinger Band.”

XMR could drop to $70 before a new surge

Not too long ago, we were reporting that analysts are claiming that XMR might drop to $70 before surging again and that is the level where the coin could find a strong buying interest.

Other than that, there are also some more optimistic predictions regarding the coin and its future.

Crypto enthusiast Max Keiser revealed the fact that he’s pretty certain that Monero will gain the position as a market leader.

He believes that this is bound to happen sooner rather than later. He believes that XMR can solve fungibility issues that are plaguing Bitcoin.

The whole crypto market suffered a pretty tough correction lately following the bulls that came a while ago.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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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.

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