Will the price drop below $160?

Monero (XMR) took a deep dive on Saturday, dropping over 8% to $161.28. The drop comes after the coin had previously surged, giving investors high hopes. Market participants are now wondering if the coin will continue to fall to $160 or if it can surge in future trading sessions.

XMR trading raises investor concerns

Notably, XMR is currently selling at a discount of 67.13% compared to its ATH of $517.62. The cryptocurrency XMR is ranked 28th with a market cap of $3.107 billion at the moment.

Despite all odds, the coin is holding a strong positive stance in the cryptocurrency market as the 50-day EMA is consistently supporting the price chart in the 1-day time frame. The Moving Average Convergence Divergence, or MACD, is showing a stable green histogram with positive behavior recorded by its averages. This indicates that the price of Monero in the cryptocurrency market has a bright future if the signals are bullish.

How did Monero gain importance in the market?

Monero is a cryptocurrency that prioritizes secrecy and anonymity. Unlike most cryptocurrencies that emphasize security and openness, Monero upholds the ideals of anonymity. This sets it apart from popular transparent blockchains like Ethereum and Bitcoin. Using technology like stealth addresses, ring signatures, and ring confidential transactions (RingCT), Monero protects user privacy. Thanks to these features, all users on the Monero network are anonymous by default, with the sender, recipient, and transaction amount hidden.

Will XRM Rise in the Future?

Considering the current bullish indicators, Monero price is expected to rise by 15.62% to $188.05 based on the price estimate. In addition, technical indicators show that the sentiment for the coin is currently bullish, and the Fear & Greed Index is 72 (Greed).

Over the past 30 days, Monero has had 20 out of 30 (67%) green days and 3.12% price volatility. Data also indicates that there is a bullish overall sentiment for Monero price forecast, with 27 technical analysis indicators indicating bullish signals and 4 indicating negative signals.

Over the next month, Monero’s 200-day SMA is expected to rise to $148.87. During the same time, Monero’s short-term 50-day SMA is expected to reach $175.49. The momentum oscillator, known as the Relative Strength Index (RSI), is a widely used indicator that shows 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.