Monero is one of the rare cryptocurrencies in the market cap top25 that ended up posting week-over-week losses. Will XRM catch up in price gains, and should you consider investing in XMR now?
Fundamental analysis: no fundamental improvements act against Monero this time
Monero has lacked initiative when it comes to upwards price motion in the last week despite the crypto market’s bounce back up. However, XMR holders are still hopeful, as its price is seemingly creating a solid short-term technical formation on the hourly chart.
When it comes to its fundamentals, nothing has changed for Monero in recent days and weeks. This acted as an additional reason for relatively bad price performance, as investors chose to invest in several other top projects that are shaking the market with updates and upgrades. However, many see immense potential when it comes to Monero, simply because of the anonymity features it possesses.
XMR posted week-over-week losses of 4.64%, underperforming both BTC‘s week-over-week gain of 4.20% and ETH‘s 11.68 gain. Monero is currently the 21th-largest cryptocurrency by market cap, boasting a value of $3.83 billion.
At the time of writing, XMR is trading for $214, which represents a price decrease of 6.22% when compared to the previous month’s value.
XMR/USD technical analysis: is the resistance zone between $220 and $230 an unbeatable obstacle for XMR at the moment?
Monero has been consolidating for just over 10 days, after it found strong support and stopped dramatically losing value. The 23.6% Fib retracement level retest that happened on Saturday confirmed that Monero is ready to surge in price.
While XMR struggled to break the 21-day EMA, the
