Monero: King of Privacy Still Under the Bear’s Control

Monero is a privacy-focused decentralized Cryptocurrency that uses an obfuscated public ledger, meaning anybody can broadcast or send transactions but no outside observer can tell the source, amount or destination. It is the gold standard among the privacy-focused Cryptocurrencies. It has a Market Cap of $794 Million and currently ranks 16 on the CoinMarketCap. Monero is traded as XMR across the crypto exchanges against BTC, USD, USDT, ETH etc.

XMR Price Analysis:

Weekly prices are in downtrend and trading below the 9 days SMA, 21 days SMA, and 49 days SMA represented by the blue line, white line, and green line respectively. Weekly prices traded above the key support area from May to August around $83 but couldn’t hold its support and now moving towards the critical support of $37.11.  RSI is at 37.22 which is skewed towards the oversold area and Stoch RSI is indicating that the prices are oversold, and the trend may reverse soon. Get a complete idea about XMR coin price prediction clicking here.

Daily XMR prices are trading below 9 days, 21 days, and 49 days SMA (Simple Moving Average) denoted by the blue line, white line and green line respectively in the below-given chart. Daily prices are in a downtrend and following a trend as shown by the yellow trendline. Monero prices may continue to decline in value till it reaches its weekly critical support at $37.11 Although RSI (Relative Strength Index) is at 36.35 which is skewed towards the oversold area, Stoch RSI (Stochastic Relative Strength Index) is approaching the overbought zone and XMR might see a final push towards critical support.

Laying Ichimoku Kinko Hyo over the 1 Day Time Frame chart, the following things can be observed:

• Prices are below the Kumo, overall bearish.
• Prices are trading below the Tenkan sen (blue line) and Kijun Sen (red line); bearish.
• Chikou Span (yellow curve line) is also below the Kumo and price candles; bearish.

Conclusion:

Monero prices are currently trading at $45 and approaching weekly critical support at $37. As it is trading below the 9 days, 21 days, and 49 days SMA and also following the trendline, the downtrend will continue till the XMR prices reach the critical support.