March 1, 2019 Ali Raza Analysis 0 5 (100%) 13 votes
Monero (XMR) is the largest privacy coin on the crypto market, and while the coin has been mostly stable in the previous months, its price still leaves much to be desired. Back in its glory days, Monero actually managed to get close to $500 mark, with its all-time high being recorded on January 7th, 2018, when it reached $486.02. Since then, it saw several sharp drops, followed by a few equally as sharp surges, only to drop again.
These days, XMR price is just below $50, which is around 10x lower than its all-time high. However, the coin is still doing relatively well, with a market cap of $828.
7 million at the time of writing, and a daily trading volume of $68.5 million. While this is still relatively low in regards to its position — Monero is the 13th largest coin by market cap — it is expected as not a lot of exchanges allow people to buy Monero , just like they don’t support other privacy coins. But, let’s go back to its price. Monero in 2018
As mentioned, XMR peaked in early 2018, reaching its all-time high in early January. After that, the bear market took over, and Monero experienced a sharp drop from nearly $500 to below $200 in less than a month.
Immediately afterward, XMR surged again, climbing back up to $371 in early March 2018, only to drop once more, and breach the $200 support yet again. Source: CoinMarketCap
This happened for the third time in late April, with XMR surging for the third and final time when the rally brought it up to the resistance at $300, which the coin was unable to breach. It appears that Monero lost a lot of its strength trying to fight off the bears in this period, and it finally succumbed to the effects of the crypto winter after this third surge. Its price has been on a decline ever since, with periods of stability holding the coin together in between large bearish events.
Since June 2018 to November of the same year, Monero’s price was trapped between the support at $80 and resistance at $160. This was a volatile period with a lot of ups and downs, which resulted in a final massive decline in mid-November, after BCH hard fork which brought another market crash.
Monero’s price was cut in half, and the coin fell from $110 to around $50. It reached its lowest point in the last year and a half on December 15th, with a price of $38.54.
However, it ended the previous year with a surge that took it back to the close vicinity of resistance at $60, followed by yet another crash that breached the $48 support level. Monero in 2019
In 2019, monero has shown more stability. In the first ten days of January, the coin’s price was mostly between the support at $48 and resistance at $54. However, a sharp drop on January 10th breached this support, and Monero spent the following month with its price fluctuating between $42 and $48. From February 8th to February 18th, Monero struggled to breach the $48 resistance, and while it often managed to do so, it was always brought back down. Source: CoinMarketCap
It finally managed to surge when the bull market took over on February 18th, and in the next week, the coin breached the resistance at $48, $52, and ever $56. However, the return of the bears last Sunday, February 24th, brought it back down.
Source: CoinMarketCap
The support at $48 stopped its free fall right above it, while the resistance at $50 prevents further growth. XMR found itself between these two marks, and that is where the coin has been ever since.
In conclusion, Monero has seen large drops, although it mostly does show the desire to grow back up. It took every opportunity it got to attempt a new rally.
In the future, it will likely jump on any chance to see its price go up, or at least remain stable. As long as the bears stay away from the market, XMR is likely to either stay where it is or attempt to surge once more. Related Post .
