Is Monero (XMR) Heading the Right Direction Friday?

Friday, March 24, 2023 11:05 AM | InvestorsObserver Analysts

Monero receives a strong long-term technical score of 80 from InvestorsObserver analysis. Our proprietary scoring system considers the trading patterns over the past several months to a year by analyzing the coin's consistency, volatility, and where it is relative to long-term averages to determine whether it's a strong buy-and-hold investment opportunity. Currently, XMR holds a superior long-term technical analysis score than 80% of crytpocurrencies. Long-term investors employing a buy-and-hold strategy will find the Long-Term Rank especially relevant when allocating their assets and may find additional value finding cyptos with a high short-term technical score to discover coins that have bottomed out.

InvestorsObserver is giving Monero a 80 Long-Term Technical Rank. Find out what this means to you and get the rest of the rankings on Monero!

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Trading Analysis

Monero's price is $1.3100000 (0.83%) above its 100-day moving average price of $157.210000000 as its price at the moment sits at $158.520000000. Additionally, XMR is $61.2900000 (151.72%) higher than its 52-week low price of $97.230000000 while -$130.30000000 (51.42%) under its 52-week high of $288.820000000. The current trading price in relation to its long-term average along with its 52-week high and low, gives XMR a strong long-term technical score of 80. Long-term trading movement of Monero suggest that investors are neutral on the coin at the moment. Monero has a market capitalization of $2,894,104,107.80 and a relatively high average daily volume with $809,353,218.12 worth of the currency traded over the typical 24 hour period. Over the last 24 hours, XMR's volume is below its seven day average with 115,038,180.66 exchanged. This coin's subclass Digital Money: Digital Money is an asset, commodity, or currency intended to maintain value and liquidity over time so that it may be used the same way fiat currencies are used.

Summary

XMR's historical trading over the past year gives it a a strong long-term technical score of 80 as its price movement in that time has given investors reason to be neutral on the coin in the long-term. Click Here to get the full Report on Monero (XMR).