Monero is exhibiting downside momentum over the past seven days. It marked a strong bearish movement from February 14. The same has been sticking around since then. Today, the XMR price is at $78.01. There are anticipations about the coin that it may trade even below further, and the downtrend might stick around for a while.
Monero Price Analysis
XMR coin was trading at $92.02 on February 14, and during the entire day, the coin traded in ascending channel and reached $96.66 by 11:50 UTC after moderate fluctuations in two days. Then, Monero price dropped to $86.90 but towards the closing hours, the price recovered. At 02:55 UTC, on February 16, the coin was at $92.15 and from this point, it faced a sharp fall and dropped to $80.49 by 12.65%. Towards the closing period of February 16, the XMR price was at $90.26.
The next day began with a heavy plunge, and Monero’s price slipped from $90.26 to $81.65 by 9.65%. After this massive fall, the price escalated to $86.29 and then again slipped to $80.19. There was a slight improvement marked in the price of Monero that brought it to $85.75 and remained at the same level till the next day. At 13.25 UTC, on February 18, the currency escalated to $87.27 by 6.40% hike. The XMR coin hovered at the same level till 17:00 UTC on February 19. Later, Monero coin dropped to $76.89 by a huge fall of 11.58% yesterday.
At the time of writing, XMR coin is trading at $78.01, and it is likely to violate the immediate support level at $75.4. According to our expert’s Monero predictions, if the downfall strengthens, the coin might be seen breaching the next support level at $72.6. The major support level at $67.04 seems far-fetched. Monero is suggested for long-term traders. The same would bring a colossal return to the investors.