Monero has in the past grown in popularity and adoption due to its privacy, untraceable advantage that keeps money confidential. The privacy coin XMR is currently stuck in consolidation after falling from yearly highs reached in August at $106.32. The up-flowing price movement in XMR/USD comes after recovery from the recent dips under $74. After the asset dropped significantly in price, yet undeterred by upside rejection XMR/USD stays supported above $80. At the start of the week, the price has gone up from its low of $75.10 to a weekly high of $84.47. The market cap currently stands at $1.49 billion, ranking XMR 18th on the Coinmarketcap table, with $64.86 billion in trading volume over the past 24 hours. XMR is trading at $84.89 at the time of writing amid a growing bullish grip. Monero network upgrades v0.17 is due to launch on October 17, 2020, with the introduction of new features. This network upgrade will reduce the typical transaction size by ~25% and improve typical verification performance by ~10%. Hard forks in Monero are made to improve the base protocol and are non-contentious. There will be no split and no new coin will be created.
*The up-flowing price movement in XMR/USD comes after recovery from the recent dips under $74
*After the asset dropped significantly in price, yet undeterred by upside rejection XMR/USD stays supported above $80
*Monero network upgrade v0.17 is due to launch on October 17, 2020, with the introduction of new features
Resistance Levels: $106.32, $98.61, $88.50
Support Levels: $80.00, $73.00, $66.50
XMR/USD Daily Chart: Bullish
XMR/USD Daily Chart
Monero has been trading in an uptrend from the start of the week at a low of $75.10 to a weekly high of $88.47. XMR/USD bulls have stepped in to correct the price following 4 straight bullish days and may take the price past the resistance level at $88.50. At the moment, odds seem to be in favor of the bulls. To ensure that XMR does not continue under the MA 50 and dent the progress made over the week, buyers must hold above weekly high at $88.47.
A rising wedge pattern could make things worse for the bulls if the ascending trendline support is shattered. The move could boost selling pressure in such a scenario, forcing XMR below a crucial support at $73 and $70 levels. The bearish leg could also quickly refresh levels at the primary support around the (MA 200) $66.50.
XMR/USD 4-Hour Chart: Ranging
XMR/USD 4-Hour Chart
Another possible scenario is consolidation taking over, with the price remaining pivotal between the 4-hour MA 200 and MA 50 on the level at $88 and $80 respectively. The range trading is brought to light by the leveling RSI in the 4-hour range. It is essential to realize that $73 was resistance in April, May, and July; therefore, at the moment, it can continue to work as a formidable support area.
Despite the optimistic outlook, it is worth mentioning that a spike in selling pressure may compromise the positive picture. While the short-term nulls lift the cryptocurrency towards the $88 resistance level. Lower time frame analysis shows that the channel breakout is underway and could prompt further gains towards the $90 level. To the downside, a breakout under the $80 level could cause selling towards the $73 support zone.
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