The crypto market is exhibiting mixed indications as most of the altcoins are at a marginal loss. The day might improve the momentum of Monero, but the chances of downtrend are also intact. XMR coin was once among the top ten cryptocurrencies. The heavy drop in the market brought a hefty plunge in Monero and now it is trading above $45.
The coin began 2020 with an uptrend, but today, the coin is registering heavy fall in the price. The drop in the coin is speculated to improve in some time. The traders are suggested to keep calm and waiting for a substantial improvement.
Monero Price Analysis
Yesterday, the XMR coin started dealing at $44.50. The price escalated to $45.42 by 2.09%. Further, the upsurge took the Monero price to $45.85 by a marginal hike of 0.94%. The price dropped to $45.208 by 0.41%. There was another uptrend marked that took Monero price to $46.14 by 2.07% hike. The closing hours took the price to $45.9 by 0.36%. The intraday movement in the coin reflected a 3.31% progression in the price. Today, the XMR coin started with a drop of 0.89%. The price counters moved from $45.9 to $45.5. Later, the price improved and jumped to $45.86 by 0.66%.
The ongoing year holds high expectations from the coin. As per the current Monero Price Forecast, the coin is quite near the immediate support level at $44.85 and the same might get breached in some time.
| Resistance Level | Price |
| R1 | $46.31 |
| R2 | $46.86 |
| R3 | $47.77 |
| Support Level | Price |
| S1 | $44.85 |
| S2 | $43.94 |
| S3 | $43.39 |
The long-term investment is best suited for the interested traders in Monero. The short term might be chancy for investors; hence, we wouldn’t recommend the same.