Monero (XMR) Market Importance and Future Price Predictions

Monero (XMR) took a deep plunge on Saturday, falling over 8% to hit $161.28 the mark. The slide comes after the coin had previously risen

Monero (XMR) price plunged sharply on Saturday, falling by more than 8% to hit the $161.28 mark. The slip comes after a previous rise in the coin had given investors good hope. As the coin continues to trade, market participants are left wondering if XMR will keep falling to hit the $160 mark or if it can surge in future trading sessions.

XMR trading creates worry for investors

To put things into perspective, compared to its all-time high (ATH) of $517.62, XMR is now trading at a discount of 67.13%. The cryptocurrency XMR ranks 28th with a market capitalization of $3.107 billion at the moment.

Coin performance highlights bullish signs

Despite the odds, the coin has shown strong positive momentum in the cryptocurrency market as the 50-day EMA provides continuous support to the price chart on the 1-day time frame. The Moving Average Convergence Divergence (MACD) shows a steady green histogram with positive behavior recorded by its averages, indicating a bullish outlook for Monero's price in the crypto market.

How did Monero gain market importance?

Monero is a cryptocurrency that places great emphasis on privacy and anonymity. As opposed to most cryptocurrencies that prioritize security and transparency, Monero upholds the ideals of anonymity. This sets it apart from popular transparent blockchains such as Bitcoin and Ethereum.

Monero ensures user privacy through the implementation of technologies like stealth addresses, ring signatures, and ring confidential transactions (RingCT). As a result of these features, the sender, recipient, and transaction amount are all concealed by default, rendering all users on the Monero network fully anonymous.

Will XRM rise in the future?

According to the price estimate, the price of Monero is anticipated to increase drastically from its current price level, reaching $188.05 in the upcoming days, reflecting an increase of 15.62%.

Moreover, technical indicators reveal that the mood for the coin is bullish at the moment, and the Fear & Greed Index is currently at 72 (Greed).

Over the previous 30 days, Monero had 20 out of 30 (67%) green days and 3.12% price volatility. Data also indicates that there is a bullish general mood for the price prognosis of Monero, with 27 technical analysis indicators indicating optimistic signs and 4 indicating negative signals.

Coming to the moving averages, Monero's 200-day Simple Moving Average (SMA) will have increased to $148.87 in the following period.

At the same time, Monero's short-term 50-day SMA is predicted to reach $175.49.

The momentum oscillator known as the Relative Strength Index (RSI) is a widely used indicator that indicates when a cryptocurrency is overbought (above 70) or oversold (below 30). At 49.60, the RSI number suggests that the XMR market is now in a neutral position.

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