I can successfully detect the temperatures of sensors using the sensors command. But is there a way or a tool so that I can dynamically monitor the temperatures of sensors conveniently?
Is there a way to monitor the temperature of CPU using lm_sensors?
fedora;temperature
You can setup munin to monitor CPU temp (as well as many other things) and graph them, by default it does sampling at 5min intervals.  It may be more than you want since it's really for monitoring a bunch of servers and such.I also agree with @Keith, gkrellm is useful for desktop monitoring.