Monero (XMR) Exhibits Hefty Fall Due to Market Pressure
Monero is among few coins in the market that have benefitted the most starting from this year. The coin was spotted breaching the 90-day high and setting at new at $71.93. The tremendous improvement wasn’t anticipated.
Apparently, the sudden upsurge led to selling pressure. The current pressure has taken over the market. Almost the entire market seems under some spell as they all are falling, including Bitcoin, Ethereum, Ripple, etc.
Monero Price Analysis:
Yesterday, Monero’s price started dealing at $66.98. The price escalated to $68.54 from $66.57 by 2.95%. The price dropped to $67.25 but climbed up again to $69.16 by 2.84%. The XMR price slipped to $68. Later, the price improved and jumped to $68.47. Later, the currency price slipped tremendously to $63.79. After this steep fall, the price improved and jumped to $65.79 by 3.14%. Monero price slipped to $62.69 by 4.91%. The XMR price improved and touched $65.42 by 4.36% and then the price dropped to $63.48 by 2.62%. The closing hour picked the price again to $65.15 by 2.63%. The day-long movement reflected a 2.68% regression. Today, Monero coin price dropped to $63.80 by 2.08%. However, it recovered and escalated to $64.58.
The price seems to be tilted towards the immediate support level at $62.39. It might get breached in the coming hours. The next support level is at $59.64. It might be violated in the upcoming days if the current trend persists. Monero coin is likely to give favorable results to the long-term traders.