Monero (XMR) on its way to breaking the $200 mark!

Monero’s main selling point is its focus on anonymity and privacy, which makes it popular among individuals and businesses that value financial privacy. Transactions on the Monero blockchain are private by default, and the use of ring signatures and stealth addresses makes it difficult for outside parties to trace the flow of funds.

XMR uses a Proof-of-Work consensus mechanism, similar to Bitcoin, to secure its blockchain and validate transactions. However, Monero uses a different algorithm called CryptoNight, designed to resist ASIC mining. It allows for a more decentralized mining ecosystem, as it is less likely for a small number of miners to dominate the network.

Monero also strongly focuses on scalability, with a block size limit of 2 MB and a block time of 2 minutes. This allows for faster transaction confirmation times and higher overall throughput compared to other cryptocurrencies.

Monero is a cryptocurrency that prioritizes privacy and decentralization, making it a popular choice for those who value financial privacy and a more decentralized digital economy. With its current market capitalization of $3,034,065,566, the token has jumped significantly in 2023.

The uptrend of XMR has found major resistance along its further movement. A short-term consolidation or profit booking should be expected at this level. Technical indicators show an overbought zone of trading for the current level of XMR.

XMR PRICE ANALYSIS

The key advantage showcased from the XMR price action on daily candlestick patterns is its trading range above the immediate moving averages of 100 and 200 days. On top of such positive indications, XMR is consistently trading in the overbought zones despite buying and selling activity happening consecutively.

At present, resistance is developing from the $173 level, as if buyers are booking profit. But even at this level, the transaction volumes for XMR have not dropped, indicating a possibility of a further uptrend above and beyond $200. Will Monero succeed in this uptrend? Click here to know!

The resistance on long-term charts is indicated to be placed at $320. Hence a positive breakout from current resistance zones can trigger a massive price hike. The MACD indicator has entered the positive territory just as the MACD ignores being traded in the overbought zones and managed to avoid a profit selling.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 65,459.54
ethereum
Ethereum (ETH) $ 3,577.32
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 602.72
solana
Solana (SOL) $ 135.92
xrp
XRP (XRP) $ 0.495185
dogecoin
Dogecoin (DOGE) $ 0.124339
cardano
Cardano (ADA) $ 0.391728