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Price Analysis

Monero (XMR) Price Analysis: Monero Makes Massive Volume And Rate Changes For A Big Move

Within less than 2 months from April 1 at 6o  to 3 month high of 96.96  USD  on May 16, Monero has risen by 61.6 %

Bulls and bears are active in Monero with the number of higher lows and higher highs within the ascending channel for the past 2 months indicating increased interest by traders and investors in it.

Monero a has positive news of developing sophisticated and high technology supported malware fighting options to the community.  It will help it more in having full control and become the best untraceable cryptocurrency. Also, many technical indicators like the 100 and 200 SMA or simple moving averages indicate bullishness of it. The XMR 100 SMA  is far below the 200 SMA, which indicates that there is more resistance to the downside.

24th May Price Statistics of Monero at 12:44 UTC:

Monero

Ranking in cryptocurrency list of Coinmarketcap13
Return of Investment (ROI)3,357.20 %
Total Circulation16,999,841 XMR
Market Cap in USD1,43,948,466
Current Price in USD85.52
Current Price in BTC0.01077732
24 hours traded volume83,095,905
25 days price change42.55 %

24th May price movements of Monero:

Today’s market opened at 83.85 and went to a high of 86.18 at 14.01 UTC and now trading at yesterday’s high.  It shows that it is on the upward trend today.  From its yesterday’s close 84.62 it is trading currently at 1.06 % higher which also indicates to end positively today.

Value comparisons of Monero:

One interesting factor about the last three days of trading is the change in the trading volume. The trading volumes increased from May 12 steadily till May 21 and was around 85,000,000. Suddenly on 22nd and 23rd, the volume surged to a peak of 552,43,305 at 12:14 yesterday. From there, it was a steep fall in the trading volume back to steady levels of 85,000,000. It indicates bulk trading happened in the last two days. Since the trend is on the upper side, it could be good news for Monero. If it completes its consolidation phase and cuts the recently acquired 3 months high 96.96%, it may go to 120 USD shortly.

Conclusion:

With a lot of happenings in the last two weeks in Monero, any significant movement can be expected in a short time. The two levels to watch are the 76 on the downside and 96.96, the three months high on the upside.  Around these levels, it is better to enter into it for high returns in the short term.

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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.
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