Monero (XMR) Price Prediction For This Week Remains Bearish – Why Is The XMR Dropping?


Monero (XMR), as well as other significant cryptocurrencies in the market, experienced a very tough period characterized by a strong bearish sentiment. As for this week, the Monero (XMR) price trends are looking gloomy as there is a high probability of a further downtrend.

XMR's distribution regions are set at $150, $178, and $206, while the accumulation zones are at $102, $77, and $45.

Monero (XMR) price prediction – Bearish

Monero 12th Sept D1 - Monero (XMR) Price Prediction For This Week Remains Bearish - Why Is The XMR Dropping?

Monero (XMR) couldn't break the $150 distribution level against the USD last week because of the formation of a bearish pin bar leading to a strong downtrend for the cryptocurrency. Thus, the price fell towards the $102 accumulation zone.

As traders are selling their holdings, they put extra pressure on the XMR/USD trading pair causing its price to plummet. Monero (XMR) price is now escaping from the 50-day EMA showing a low momentum.

Monero (XMR) is now trading at $98.65, dropping by 8.70% in the last 24 hours breaking below the $102 accumulation level. Therefore, XMR might experience a further downtrend exposing itself to accumulation mark at $77.

monero xmr hack - Monero (XMR) Price Prediction For This Week Remains Bearish - Why Is The XMR Dropping?

Reasons behind Monero (XMR) bearish sentiment

Monero (XMR) dropped significantly in the past weeks, being influenced by the trending of the cryptocurrency market corroborated with the recent problems the XMR cryptocurrency went through recently.

Monero (XMR), the most popular privacy coin in the market, is increasingly more used by hackers and cybercriminals in ransomware attacks and cryptojacking. Thus, investors lost their trust in the currency which recently lost a part of its usual support.

Additionally, having in mind that Monero (XMR) got involved unknowingly in various cyber attacks, cryptocurrency exchanges that transact XMR adopted stricter measure regarding this privacy coin. Changelly, for example, blocked several users' Monero (XMR) funds and suspicious transactions for further KYC verification.

The longer the Monero (XMR) funds are frozen, the more the cryptocurrency will depreciate due to lower trading volumes and distrust from the investors.

Icon
1xBit

Lorem Ipsum is simply dummy text of the printing and typesetting industr...

Icon
Nitrogen Sports

Lorem Ipsum is simply dummy text of the printing and typesetting industr...

Icon
7bitcasino

Lorem Ipsum is simply dummy text of the printing and typesetting industr...

Icon
BitStarz

Lorem Ipsum is simply dummy text of the printing and typesetting industr...

Icon
FortuneJack

Lorem Ipsum is simply dummy text of the printing and typesetting industry....

Exchanges
Icon
CEX.IO

Read Review - Website

Icon
Coinbase

Read Review - Website

Icon
Binance

Read Review - Website

Casinos
Icon
7bitcasino

Read Review - Website

Icon
BitStarz

Read Review - Website

Icon
FortuneJack

Read Review - Website

Sportsbook
Icon
1xBit

Read Review - Website

Icon
Nitrogen Sports

Read Review - Website

Icon
SportBet.io

Read Review - Website

Trending news

thumbnail13 - Monero (XMR) Price Prediction For This Week Remains Bearish - Why Is The XMR Dropping?

Trending news

Top Exchanges
Icon
CEX.IO

4.00

Read Review - Website

Icon
Coinbase

4.48

Read Review - Website

Icon
Binance

4.50

Read Review - Website

Top Casinos
Icon
7bitcasino

4.20

Read Review - Website

Icon
BitStarz

4.93

Read Review - Website

Icon
FortuneJack

4.55

Read Review - Website

Top Sportsbook
Icon
1xBit

4.03

Read Review - Website

Icon
Nitrogen Sports

4.73

Read Review - Website

Icon
SportBet.io

4.60

Read Review - Website

Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

1672 Articles
7255 Followers