Monero Price Analysis – XMR/USD
Monero is an open-source cryptocurrency created in April 2014 that focuses on fungibility, privacy, and decentralization. Monero uses an obfuscated public ledger, meaning anybody can broadcast or send transactions, but no outside observer can tell the source, amount or destination.
Let us have a look at the technical aspects of Monero as follows:
The 14th largest cryptocurrency – Monero with its current market cap stands at the level of $900,935,216 (06:37 UTC) on January 09 experienced a dip in current value by 14.39% relative to the level of November 28 as analyzed from the graph above. Let us not forget that the major causes for the decline in value were supposedly the strong bearish pressure, and of course the competitive forces from around the world.
Amid this, the XMR/USD pair increased in value by 38.5% relative to December 14 which can be analyzed from the graph above. The beginning of the new year stands to create the fruitful scenario for a crypto market. While the XMR/USD pair remained ‘uptrend’ from December 19 to December 25 as interpreted from the graph above.
As we can interpret from the graph above that both the moving averages have declined significantly to represent ‘downward’ pressure in value thereby creating the ‘downtrend’ which is a negative sign. With this, XMR shows that the bears have the upper hands as the XMR/USD pair remains in a bearish trend for some time until the next “uptrend” takes place. Those who would like to invest into this cryptocurrency may explore to create long position the moment ‘uptrend’ takes place and remained for some time.
Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The XMR remained range bound from August 14 to September 03 last year, as the cryptocurrency rallied from a low of $84.64 to a high of $142 which is a 66.24 percent – an extraordinary return within 20 days.
Besides this, the XMR stayed in the range of $39.93-$55 from December 03 until today as we can quickly analyze from the graph above. However, the XMR/USD pair created ‘descending channel’ from November 14 until December 14, after that it experienced fluctuated gained in value.
Even though the moving averages continue to fall, the 14-day RSI formed a “positive divergence” since last year. This boasted a bullish sign.
Let us elaborate more about this altcoin as it is the leading cryptocurrency with a focus on private and censorship-resistant transactions. With this, transactions executed through Monero are confidential and untraceable. Every Monero transaction, by default, obfuscates sending and receiving addresses as well as transacted amounts. This always-on privacy means that every Monero user’s activity enhances the privacy of all other users, unlike selectively transparent cryptocurrencies (e.g., Z-Cash).
Additionally, Monero is a grassroots community attracting the world’s best cryptocurrency researchers and engineering talent. It stands for allowing fast, inexpensive payments to and from anywhere in the world.
Let us talk about the Price (BTC), and Market Cap of this altcoin traded through CoinMarketCap as follows:
As we can quickly analyze from the graph above that the MCap stands at 901,042, 941, USD, (06:42 UTC) with blue trend line, and Price (BTC) 0.01328808 through orange trend line with 24h Volume 15, 837, 996 USD (06:42 UTC) can be interpreted from the graph above. Since MCap and Price (BTC) traded with the YTD analytics in place, it seems that this altcoin experienced a gain in value where it attained the highest peak on January 07 and since then declined until January 08. However today it stands for gaining in value which can be analyzed from the graph above.
As we can estimate from the first graph that if bulls succeed in rising and sustaining above the current resistance level $54.99 (06:58 UTC) and create “uptrend” in value (i.e., traded above the EMA) the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $57.
Please feel free to visit https://ww.getmonero.org/ to know more about this cryptocurrency!