Price Expected To Reach $325

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:

Technical Analysis of Monero Price
Technical analysis of Monero (XMR) | Image: tradingview

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).

For more (XMR) Monero price updates and news stay tuned to Cryptocrimson or you can also bookmark our page. We’ll also keep adding updates to this article for real-time analysis.

You can check out more of our cryptocurrency analysis reports below:

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.

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