Market Analysis of Monero for December 31st 2020

Spread the love

Monero [XMR] may not be in the top 10 cryptocurrencies, but has jumped in step with the biggest financial currency, Bitcoin. At the time of publication, the price of XMR was appreciative and there was no dip. The exchange price for the digital commodity was $160.12 for a market value of $2,849 billion.

XMR Daily chart

Source: XMRUSD

The regular chart shows the long way the price of XMR has gone over the last year. The rise witnessed in December took the price to an annual high of $181. This upward momentum is expected to undergo a split shortly, as a correction has not yet been seen. Traders may profit from this by shortening the coin.

Raisoning

The Relative Strength Index has already hit the overcrowded region once and has been tracked out. The commodity is already too close to the over-purchased zone and will need a price reversal to stabilise it.

RECOMMENDED READ:  Bitcoin SV, Verge, NEM Price Movement Analysis for 13th February 2021

Whereas taking into account Bitcoin’s long-term chart, it has been in the over-purchased zone for some time now. The correction in the bitcoin market may have a bigger effect on the altcoin market, so the likelihood of a breakdown in the XMR market still appeared inevitable.

Place of position

Entrance: $158
Stop-Loss: 162.66$
Take-for-profit: $137.38.
Risk-to-Rewards: 4.42.

Concluding

The odds of a dip in Monero’s price have improved. Even if the market has seen a heavy upward momentum, the correction is expected. This correction may be caused by a downtrend on the Bitcoin exchange. XMR has entered a dangerously close proximity to the over-purchased zone and, without a substantial price reversal, the coin is staring at a possible decline of at least 16 per cent.

Disclaimer: The conclusions of the following report are the personal views of the reviewer and should not be taken as financial recommendations.

 

 194 Interactions,  4 today

READ ALSO:
Monero, Ontology, Synthetix Price Movement Analysis for 26th February 2021

About the $200 mark, Monero was treading water, with the crypto likely to give way to a wave of selling Read more

Augur, Dogecoin, Monero Price Movement Analysis for 24th February 2021

At press time, the famous privacy coin Monero stabilized on the charts and saw a rise above the $230-level at Read more

Bitcoin Cash, Dogecoin, Monero Price Movement Analysis for 22nd February 2021

BCH's downtrend was clearer on the hourly charts as the price was lower. DOGE jumped within a fixed channel and Read more

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us

%d bloggers like this: