Monero Price Corrects Slightly After Breaching 28-Month Resistance

Monero, one of the top privacy coins, is ranked amongst the top 20 cryptos of the global market at 17th position leaving behind major currencies like Nem, Tezos, and Crypto.com Coin. Alongside, just when the largest cryptocurrency by market capitalization is seen rising close to $20k, reclaiming and hitting a fresh All-Time High, the significant altcoins are seen pulling back and trading in the red. One of the top altcoins, XMR, was also seen drawing a bearish crossover after a candlewick at $102.05, while the coin was retrieved to trade above $125 after the bygone week.

Monero Use Case Amplified

Although Monero was seen consolidating in the lower price range for over two years now, it has regained the lost momentum as it breaches the 28-week resistance. Alongside as per the Monero News updates, the currency is also seen having amplified use cases and with the recent addition of using XMR cryptocurrency to book over 2.2 million hotels and homes in 230 countries using Travala.com. 

Monero Price Corrects Slightly After Breaching 28-Month Resistance

This has also led to traveling to 90,000 destinations worldwide with Monero in place of fiat to use while traveling. 

This lucrative platform is seen marking remarkable developments and updates leading to the edge of its Proof-of-Work algorithm. One such algorithm, RandomX, was activated on the Moreno platform precisely a year ago and had been gaining investors for XMR since then. 

Monero Price Analysis

Monero News
XMR/USD Chart By TradingView

Today, at the press time, Monero price was seen trading at $128 after rising as high as $142, and testing supports as low as $102 in the previous week just before resorting to the current trading price. Only when the XMR was seen breaching the 28-month resistance, it breached the upper band while the coin nosedived close to $100 at $102, it breached the lower band as well. 

The current trading price of Monero is seen drawing a bullish crossover in the intraday, but the 3-day MACD chart exhibits a bearish crossover as the coin still trades below $130. With the strengthening of XMR/USD, the currency is seen retaining 50-day and 20-day MA support at $99.88 and $76.20, respectively. The RSI is seen lying at 60.93 after having declined from the 28-month resistance.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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