Monero (XMR) coin bullish price prediction despite short-term bearishness

Monero (XMR) has been trending downwards since the all-time high was established in the beginning of May. The cryptocurrency continues with indecisive price action before moving lower. At the time of writing, Monero stands at a price level of $196. The price of the cryptocurrency has dropped by 6% in the past twenty-four hours while the trading volume is also moving down. XMR coin has also been moving down in the weekly timeframe with a loss of 13%.

Monero (XMR) technical analysis

The market outlook for the cryptocurrency is bearish. Out of the total twenty-six technical indicators, fifteen are giving out an indication of sell with ten indicators standing at a neutral position and only one indicator suggesting a buy. The oscillators are neutral while the moving averages are strongly bearish.

Monero (XMR) technical analysis

Although Monero coin has been trending downwards, the cryptocurrency may show signs of oncoming bullish momentum soon. A trader’s analysis reveals two supporting levels for the cryptocurrency. Given the bearish pressure in the market, XMR crypto was expected to move lower; however, it moved upwards instead. Monero is approaching the support level which lies at $200. If the support is established then some bullish divergence can be restored to the market.

Is Monero (XMR) a good long-term investment?

Monero (XMR) is one of the top privacy coins in the market. As concerns about privacy of cryptocurrencies are increasing, privacy coins like Monero are gaining more popularity – which makes them an ideal long-term investment. Although there are downsides of increased privacy and anonymity, privacy coins are still considered an attractive proposition. The long-term price prediction for Monero is bullish. The estimates of Wallet Investor places Monero coin at a price level of $350 in a year’s time while the 5-year forecast predicts a price of $889. Digital Coin Price projects a similar trajectory for the cryptocurrency. Per their projections, Monero will end the year with a price of $301 and move towards $850 in 2028.