Connect with us


Monero Price Analysis: 31 December



Source: Pixabay

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Monero [XMR] may not be among the top 10 cryptocurrencies, but it has been moving in sync with the largest digital asset, Bitcoin. At the time of writing, the price of XMR has been appreciating and has not witnessed a dip. The trading price of the digital asset was $160.12 with a market cap of $2.849 billion.

XMR Daily chart

Source: XMRUSD

The daily chart noted the long way XMR’s price has come over the last quarter. The growth spurt observed in December carried the price to an annual peak of $181. This upwards momentum might witness a break soon, as it has not seen a correction yet. Traders could benefit from this by shorting the coin.


The Relative Strength Index has already hit the overbought zone once and retraced. The asset is still too close to the overbought zone and may require a correction for the price to stabilize.

Whereas taking into consideration the long-term chart of Bitcoin, it has already been in the overbought zone for a while now. a correction in the bitcoin market could have a larger impact on the altcoin market, thus the chances of a breakdown in the XMR market also seemed imminent.


Entry: $158
Stop-Loss: $162.66
Take-Profit: $137.38
Risk-to-Reward: 4.42


The chances of a dip in Monero’s price have been increasing. Even though the market was witnessing a strong upwards momentum a correction is due. This correction could be sparked by a downtrend in the Bitcoin market. XMR has reached dangerously close to the overbought zone and with no significant correction in price, the coin is looking at a potential fall of at least 16%.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.