Monero (XMR) has been trending downwards since the all-time high was established in the beginning of May. The cryptocurrency continues with indecisive price action before moving lower. At the time of writing, Monero stands at a price level of $196. The price of the cryptocurrency has dropped by 6% in the past twenty-four hours while the trading volume is also moving down. XMR coin has also been moving down in the weekly timeframe with a loss of 13%.
(XMR) technical analysis
The market outlook for the cryptocurrency is bearish. Out of the total twenty-six technical indicators, fifteen are giving out an indication of sell with ten indicators standing at a neutral position and only one indicator suggesting a buy. The oscillators are neutral while the moving averages are strongly bearish.
Although Monero coin has been trending downwards, the cryptocurrency may show signs of oncoming bullish momentum soon. A trader’s analysis reveals two supporting levels for the cryptocurrency. Given the bearish pressure in the market, XMR crypto was expected to move lower; however, it moved upwards instead. Monero is approaching the support level which lies at $200. If the support is established then some bullish divergence can be restored to the market.
Is Monero (XMR) a good long-term investment?
XMR is one of the top privacy coins in the market. As concerns about privacy of cryptocurrencies are increasing, privacy coins like Monero are gaining more popularity – which makes them an ideal long-term investment. Although there are downsides of increased privacy and anonymity, privacy coins are still considered an attractive proposition.
The long-term price prediction for Monero is bullish. The estimates of Wallet Investor places XMR coin at a price level of $350 in a year’s time while the 5-year forecast predicts a price of $889. Digital Coin Price projects a similar trajectory for the cryptocurrency. Per their projections, Monero will end the year with a price of $301 and move towards $850 in 2028.