- Monero (XMR) earns a robust long-term technical score of 83 from InvestorsObserver, indicating strong potential for buy-and-hold investors.
- Despite a recent dip of 3.35% in the last 24 hours, XMR’s superior long-term technical score and increased trading volume over the past week demonstrate ongoing investor interest.
The research and analysis team at InvestorsObserver has awarded Monero (XMR) a compelling long-term technical score of 83. This rating system considers historical trading patterns over recent months up to a year, focusing on the support and resistance levels of the cryptocurrency. It also evaluates the coin’s current position relative to long-term averages. This analysis indicates that Monero could be an excellent long-term investment opportunity.
Market Dynamics and Trading Patterns
Monero’s current trading price of $164.73 represents a 6.56% increase over its 100-day moving average of $154.59. Furthermore, the coin is up 132.41% from its 52-week low of $116.10 but still 82.65% below its 52-week high of $187.21. This price performance, juxtaposed with the coin’s long-term average and 52-week high and low, contributes to its impressive long-term technical score.
Currently, Monero enjoys a robust market capitalization of $3,015,759,655.54 and consistently high daily trading volume, averaging $629,663,853.28 over a typical 24-hour period. In the previous 24 hours, however, XMR’s volume was slightly below its seven-day average, with $99,767,853.11 exchanged. This activity places Monero within the subclass of Digital Money, assets designed to maintain value and liquidity over time, akin to fiat currencies.
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Despite this positive long-term outlook, Monero experienced a minor setback with its price decreasing by 3.35% over the past 24 hours to $164.08, continuing its downward trend from the past week’s decrease of 1.0%. However, the trading volume for the coin has risen by 49.0% over the past week, and the circulating supply has increased by 0.18% to over 18.15 million. As it stands, Monero’s market cap ranking is #25, with a valuation of $2.98 billion.
Although this recent volatility indicates some market unease, the long-term indicators reveal consistent performance and relative stability in relation to long-term averages, maintaining investor neutrality. Monero’s current standing continues to generate interest among long-term investors, promising potential for robust, steady growth.