Monero (XMR) stands out as a cryptocurrency with a strong emphasis on privacy. It differentiates itself by enabling transactions that are truly untraceable and anonymous due to the clever use of advanced cryptographic techniques.
This feat has attracted many users and investors to the token, often facilitating massive price movements. However, the token has given in to bearish pressure over the past week, leading to a significant dip from its past week and month’s peak.
XMR has remained in this downtrend over the past seven days, reflecting a dip of 9%. But despite this depression, some experts anticipate a bullish turn in the token’s price in the coming week, given its oversold state.
Market Participants Spot Promising Point to Secure New Buy Position
Over the past day, the valuation of Monero has decreased by 3.5%, leaving its price at $138. However, the trading activity with the token’s network remained positive in the same period, with a change of over 38%. It now holds a trading volume of over $84.1 million.
Meanwhile, zooming out to a one-week timeframe, Monero has faced a notable struggle, registering a decrease of 9.16%.
From a broader perspective of the past month, Monero’s price has seen a significant drop of 14.34%, causing its previous value of $161 in the same period to decrease by $23.
Furthermore, examining the trajectory over the last three months, Monero’s value has dipped 8.44%, resulting in a loss of $12 from its earlier price of $150.
Historically, steep downturns often birth an upswing, creating an opportunity for market participants looking to buy the dip in anticipation of a rally to new highs.
Technical Projections to Recover from Prolonged Price Plunge
Source: Tradingview.com
The Fear & Greed Index reading of 41 indicates a notable level of fear within the broader crypto market. This sentiment aligns with various technical indicators, suggesting the potential for continuous selling activity.
Today, there’s a prominent red candle formation, reflecting the continuous efforts of sellers to drive down the price of XMR towards the $135 mark.
This persistent sell pressure has caused the token’s price to drop below the Exponential Moving Averages (EMAs), increasing the likelihood of further price declines.
But despite this bearish outlook, the Relative Strength Index (RSI) reading of 27.25 supports a possibility for a bullish reversal in the coming days since the asset has reached an undervalued/oversold condition.
XMR support and resistance levels
Source: Tradingview.com
If the bears maintain market control, XMR could reach the support level at $135. This additional decline would result in a price decrease of 2.24%, which poses a significant risk to investors’ holdings.
Interestingly, the robust support level at $135 can potentially hinder further price drops and signal the beginning of a buying spree. Many investors considering entering the market might set their sights on this level, as it offers a strong chance of a bullish trend.
XMR’s Value Forecast Hinges on Its Unique Features
According to a report from Cryptopolitan, ChatGPT, a prominent AI language tool, has advised investors to consider a transition in their holdings strategy, shifting away from Cardano (ADA) and Monero (XMR) towards VC Spectra (SPCT).
This remarkable disclosure surfaced when a user sought ChatGPT’s guidance on investing in Cardano (ADA) or Monero (XMR). Monero (XMR) has also faced difficulties due to this bearish market climate.
Nevertheless, its allure remains strong, particularly due to its privacy-oriented features, despite regulatory hurdles presented by the SEC.
Some enhancements include the integration of stealth addresses and the expansion of transaction confidentiality. This is largely due to its privacy advantages in advancing a cashless societal framework.
So, while ChatGPT’s recommendation might exert a downward influence on XMR’s value, the cryptocurrency’s distinctive features enable it to stay afloat from potential challenges, keeping its value rising.
Monero (XMR) Alternative – Wall Street Memes
>>>Visit Wall Street Memes Presale
Wall Street Memes has emerged as a standout player in the bubbling hub of new crypto projects. The final phase of the project’s presale is currently underway, setting the stage for the official exchange launch of its coin.
With a total token supply of 2 billion, WSM allocated 50% to ensure equitable distribution, 30% for community rewards, and 10% for centralized and decentralized exchange liquidity.
Furthermore, with the introduction of a staking mechanism for holders of the $WSM token, early supporters can anticipate rewards for their dedication.
