The Monero price has been left behind in the cold as the ongoing altcoin season continues. The XMR is trading at $253, which is about 57% above the lowest level in July.
The price has dropped by about 0.45% today and by about 7.65% in the past seven days. It has a market capitalization of more than $4.6 billion and is the 29th biggest coin in the world.
Monero is a cryptocurrency that was started in 2014. The concepts behind it was similar to that of Bitcoin, the oldest coin in the world. The developers wanted to build a highly secure cryptocurrency that cannot be tracked. This is after they realized that Bitcoin transactions could be tracked since they were handled in a public ledger.
Today, Monero is one of the most common cryptocurrencies in the world. And unlike currencies like Bitcoin and Dogecoin, it is widely used to complete transactions. It is often used by professionals who are significantly keen on privacy of their transactions. Unfortunately, it is also used in the dark web to conduct illegal transactions.
In the past few months, the role of Monero has become substantially evident in the ransomware industry. These days, many hackers are requesting their payments using the currency. This is after the FBI managed to track and retrieve funds that were stolen from the Colonial Pipeline hack.
The Monero price is therefore unloved partly because the developers rarely make public announcements. In the past, announcements like partnerships and product upgrades are catalysts for crypto prices. Also, institutional investors have largely avoided it.
Monero price prediction
The daily chart shows that the XMR price declined and found substantial support at $183. It struggled moving below this support in May, June, and July. The coin then started a bullish move in July as the altcoin season continued. It then rose and reached a high of $285 this month, where it found substantial resistance.
Today, the coin is slightly above the 25-day and 50-day moving averages. Therefore, with its volume being substantially low, there is a possibility that the price will break out below $200 again. The invalidation point for this view is at $300.