The lesser-known assets with medium-range market caps such as Monero (XMR) were seen doing well than big market cap assets with all attention centered on Bitcoin’s valuation at the present. The privacy coin Monero (XMR), founded in April 2014, allows anonymous, unlinkable, secret, and empirical payments that are immune to investigation. The market cap stands today at $1.21bn, ranking XMR 15th on the Coinmarketcap table, with a trading volume of $54.8 million over the past 24 hours. After reclaiming some ground past $70, the barrier at $73 caps to reinforce XMR/USD sideways range. Despite the rough markets, XMR/USD is in the green at $70.01 after a higher correction of over 1.68 percent daily. As per the Monero (XMR) report by Weiss Ratings, the token is losing its appeal to Zcash’s privacy status token. ZCash recently went through the Heartwood upgrade, which allows for more third-party integrations and improved privacy.
*Despite the rough markets, XMR/USD is in the green at $70.01 after a higher correction of over 1.68 percent daily
*After reclaiming some ground past $70, the barrier at $73 caps to reinforce XMR/USD sideways range
*As per the Monero (XMR) report by Weiss Ratings, the token is losing its appeal to Zcash’s privacy status token
Resistance Levels: $88.00, $80.00, $73.00
Support Levels: $66.4, $57.49, $50.50
XMR/USD Daily Chart: Ranging
XMR/USD Daily Chart
On the XMR/USD market daily chart, on July 8, the spot price emerged beyond the MA 50 and had sustained its sideways traction ever since. Additional consolidation is probably needed in this zone before the $80.00 higher-resistance retest. Despite moving sideways a broader market context suggests Monero may hold on to its bullish traction for awhile.
The RSI is heading north to the overbought while the MA 50 and MA 200 are holding in the positive area. When more and more bulls enter the market it raises the scope for a breakout between $73.00 and $80.00 levels. The rate is presently beyond its MA’s, in terms of support. Some key areas of support are $63.01, $57.49, and $50.50.
XMR/USD Short term Trend: Bullish
XMR/USD 4-Hour Chart
A marginally bullish surge began trading on the XMR 4 hour session. The crypto asset has corrected to intraday highs of $70.62 from the opening price of $68.92. There has been a slight change with the prevalent market price dumping to $68.63 but the movement has stayed firmly bullish amid increased volatility.
After all, setting up support beyond $70.00 is a bull’s priority. Furthermore, a breakout beyond $73 might see Monero evade the narrow $66-$73.00 range. Concerning the technical levels, Monero is likely to propel the consolidation a little longer within the range. On the flip side, gains beyond the 4 hour MA 50 and the $70 range of resistance may put XMR/USD in an upward trajectory to $73.
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