Privacy focused Monero (XMR) is among one of the most popular names in the world of cryptocurrencies. As of this writing, Monero is priced in at $255 (we predicted this drop in our last week’s technical analysis). Monero has had a number of ups and downs over the past few weeks but is expected to rise by another $70 and reach $325 soon. Here’s a technical analysis of Monero:
Monero, which began the past week at $335 went through a sharp fall and hit the week’s low at $188. This wasn’t just Monero’s lowest price for the week, but also its lowest price for 2018 so far. However, Monero has since shown quite a recovery and has managed to gain around $70. It went through a number of price fluctuations this week but Monero is now at $255 – with more gains in sight.
While the seven day period was full of ups and downs for Monero, the past 24 hours showed a good and stable growth as Monero grew by 10% from $234 to $255. Here’s a look at the trajectory that this privacy focused currency is expected to follow over the next few days:
The graph above clearly shows that a strong growth trend is being formed. The currency is now expected to face resistance at around the $325 mark but has a strong path of growth outlined till then. This growth rally is likely to continue if Monero manages to cross the line of resistance that has formed at $325.
The best entry point was the $253 mark (BTC 0.0275). The current price is at $255 – which is still a great time to enter the markets. A stop loss should also be set up, preferably at the $230 mark (BTC 0.0235). It is also important to set a target – which should ideally be at the $320-$325 mark (BTC 0.035).
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advise.