After a long slump, XMON price has suddenly woken up with a phenomenal pump. This has resulted in a massive increase in the trading volume of XMON crypto on different decentralized exchanges.
The popular NFT cryptocurrency of the 0xmon ecosystem soared 150% after briefly dipping below the key psychological level of $1,000 earlier this month. However, after a strong surge, the altcoin is currently taking a breather. The ongoing pullback is being seen as a good entry point by some investors but there’s a catch.
In the last 24 hrs, $717,000 worth of XMON has changed hands on the decentralized exchange Uniswap. This volume shows an increase in interest among the investors despite a 7.75% correction today. The sell-off can be linked to the 0.42% pullback in the Bitcoin price which is dragging altcoins with it.
The strong surge in the Bitcoin price this week has boosted the market confidence. Due to the prevailing bullish sentiment in the market, altcoins like XMON crypto have started to receive some bids. However, on a higher timeframe, XMON price is still 98% down from its 2021 all-time high.
XMON Daily Chart
XMON Price Prediction
The technical analysis of the above-mentioned XMON chart reveals that the coin is really struggling to break above the $2,000 level. Despite a break above this level yesterday, the price couldn’t close above the key level.
A clear breakout above $2,000 will be very bullish for XMON price prediction. In such a scenario, the price may skyrocket as the next major resistance lies above $4,000. However, it is too soon to predict such a move as Bitcoin is yet to break above its $35,000 resistance.
Another breakdown below $1,000 will invalidate any bullish forecast and may result in a retest of the all-time lows which lie around $400.