Monero News

Monero (XMR) Lacks Steady Momentum & is Confined to a Trading Range

Monero, along with the greatest cryptocurrencies and the greatest altcoin by market capitalization viz., Bitcoin, and Ethereum, is believed to be the gold standard among the top 30 coins of the global crypto market. Also, these coins amongst the top 30 are believed to be perfectly leveled for grassroots origins. These cryptos are not just mere investments but are the social movements of technology deployed to create these platforms and hold grassroots origins.

Moreover, Monero, as crypto, has real and actual privacy and not potential privacy, which creates a probability of offering privacy in the future. This confirms that the platform aims at putting the networker’s safety first and not have it streamlined for the future. Monero is believed to have fulfilled all the limitations that Bitcoin possesses, otherwise just as Bitcoin fills the gap and limitations from the traditional investment and financial system.

Monero Price Analysis

Monero News
XMR/USD Chart By TradingView

Monero, at the time of penning down, this analysis was trading at $66.127 and appeared flat since the previous month without any notable movement. Monero has been confined to a narrow trading range and lacks momentum, as observed from the above YTD chart against the US Dollar. Over the past month, XMR coin has been trading in an approximate price range of $63 to $70 and is thereby, facing strong resistance at $70.

But, if we take into consideration the YTD movement of XMR/USD, we see that the coin lacked a gaining momentum and has turned flattish on the given 24-hourly chart. The price trend of Monero against the US Dollar was exhibiting a visible uptrend until May, and thereafter, it has been oscillating in the given narrow range. As per the current traction and trading price, the major support level to watch out for lies at $63, followed by $60, and the major resistance lies at $70. Despite of lack of required impetus, the XMR coin has retained support from 50-day and 200-day MA at $64 and $60, respectively.

The technicals have turned flat due to no steep movement observed for over seven weeks now, and the MACD appears bearish due to slight intraday setbacks. The RSI of the Monero lies at 51.99 and holds no extremities due to a lack of momentum.

Mehak Punjabi

Mehak Punjabi is a post-graduate in MBA with a 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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