Monero (XMR) has seen some good rallies recently. However, the coin has failed to break through a critical supply zone and has fallen precipitously since then. So, what’s next for this well-known privacy token? Well, there will be some analysis below, but first, here are some highlights:
Monero (XMR) has struggled to break through the critical $180 supply zone and has fallen precipitously each time.
At the time of publication, the privacy token was trading at around $168, down about 6% in 24-hour intraday trading. If XMR is to rally above $200, bulls must convert $180 from a supply zone to a demand zone.
Monero (XMR) – Forecasting and analyzing the price
Monero (XMR) has seen its fair share of ups and downs over the years. The coin has been delisted from several major exchanges due to regulatory issues. However, this hasn’t stopped the coin from skyrocketing.
XMR has recovered sharply after experiencing severe selling pressure at the start of the year. Bulls, on the other hand, have struggled to push the price action above the $180 supply zone. As traders take profits at this level, XMR has dropped sharply each time it has tested that level.
Bulls must break through the $180 level if they are to take XMR above $200. If they do not, the coin is likely to revert to its current demand zone of $140. Monero (XMR) was trading at $168 at the time of writing.
Is it worthwhile to invest in Monero (XRM)?
In the last few years, a slew of privacy tokens have emerged. However, Monero (XMR) remains one of the most successful. After reaching a high of $519 in May of last year, XMR has yet to retest those levels.
This downtrend provides an excellent opportunity for dip buyers to enter. While it may take longer for XMR to return to $500, there is still enough upside from the current price to make good returns.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
