XMR or Monero saw a volatile trading session on Friday and early hours of Saturday, indicating an ongoing choppy trading session. At the press time, the coin was down 0.07%, though it was one of the only gainers just a couple of hours ago.
The volatile trading has now raised questions on the future trajectory with investors wondering if a good ROI is on the cards.
XMR Price history
On July 26, Monero’s price reached $175. But it fell over the following several days as bulls in the cryptocurrency market were put in danger. As Bitcoin plummeted to around $62,000 on August 1, XMR touched a low of $150, its lowest since July 8.
In 2018, XMR had its peak trading value of more than $542.
Even though XMR is currently trading below the mid-June highs of $180, the privacy coin saw increases to above $160 on August 2.
Will XMR keep rising in the coming month?
Currently, at $159, Monero’s price is finding support above several important levels. Still, the question arises if the coin can find stability in the coming month. This worry stems from XMR’s two botched attempts to break through the barrier at $165.
Growing selling pressure is putting pressure on Monero’s rise, as the MACD (Moving Average Convergence Divergence) shows.
The growing red bars and the bearish crossover of the MACD indicate that the rising momentum in the price may be waning. This change in trend reflects the increasing pessimism among investors.
The price of XMR has been rising for the past three months, and it is currently testing the trend line for support. This line meets the support level at $158, providing XMR with a strong foundation from which to rise.
However, the uptrend and the support line may be invalidated if the previously described selling pressure increases. As a result, Monero may trade for $150 or less.
But XMR can try to break the resistance at $165 once more if the uptrend holds. The bearish thesis may be refuted, allowing XMR to rise to $178 if this level is successfully flipped into support,
