XMR is again deterring in the bearish trend, and within one day, its value has green greatly reduced and shift in the prices within a day is also great enough.
The crypto sphere is highly volatile these days, it is quite expected that altcoin like XMR will be fluctuating to a great extent, and even that is the reality as well. In order to hold on to the bullish price trend, Monero needs to have a good support level that is currently lacking. Moreover, BTC is adhering to its erratic and turbulent nature so, every altcoin, including XMR is remaining in the verge to lose a substantial portion of its value to BTC every then and now.
Monero Price Analysis & Future Forecast
From the 1-day XMR price chart, it is highly evident that its volatility is high. It is unable to hold on to its uptrend as it lacks support level and the market condition is also very much unfavorable. Yesterday only, its price was trading at 86.488 USD, but today it deterred to 83.201 USD. So, within one day, the price shift is high. It is still declining fast, and it is expected that in the upcoming days, Monero price may run in the downtrend only. As it is devoid of adequate support level, even it rises back to the bullish trend, it may fall sharply at the next moment. Within one day, the XMR price has been declined by 3.28%. Considering the above price analysis, we assume that in the upcoming days, XMR may trade around $84 as per calculated pivot level.
Currently, Monero is in a highly fluctuating state, and its price can farther dip down as the market condition is still the same. So, for now, one should not consider investing in XMR coins.
1-Day Monero Chart–