Monero (XMR) Price Prediction: XMR Could Drop To $70 Before Surging Again
The crypto space looks bloody again with all the coins trading in the red. Bitcoin fell below $10k, and the coin is priced just a bit above $9,500 at the time of writing this article.
Monero (XMR) is not doing great price-wise either.
You may recall that Monero made considerable efforts to climb above the $110 resistance, and after that, its price started to drop significantly.
XMR broke the $100 support area to enter a bearish zone. The recent decline in BTC and ETH accelerates losses in XMR below the $90 support level.
At the moment, the privacy-oriented coin is trading in the red and XMR is priced at $74.03 at the moment of writing this article.
Blokonomi writes that recently, there was a new monthly low formed near $76.28, and the price has started an upside correction after that.
It was able to break the $80 and $82 resistance levels. But now, as you can see, the new monthly low is XMR’s price at the moment.
XMR might fall to $70
The online publication also writes that “Moreover, there was a break above the 50% Fib retracement level of the last drop from the $98.34 high to $76.28 low. The price even climbed above the $88.00 level, but Monero struggled to continue higher above the $90.00 resistance.”
They continue and say: “The price was rejected near the 61.8% Fib retracement level of the last drop from the $98.34 high to $76.28 low. More importantly, the price failed to settle above the 25 simple moving average (2-hours) and it is currently declining towards $80.00.”
They wrote that the main support is near $70, where XMR will probably find a strong buying interest.
Max Keiser has optimistic predictions for XMR
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.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.