The cryptocurrency market is mixed as bulls and bears tussle for dominance while the week grinds to a halt. Monero (XMR) gets ready for hefty price action as it attempts the near-term hurdle at $130. An increase in volume supports XMR/USD uptrend, hence the optimistic outlook. After correcting from highs around $143 earlier in the week, upside momentum holds XMR/USD price steady to an intraday high of $131.61. Monero (XMR) is marginally up by 0.50% on the daily while trading at $126.71. The market cap currently stands at $2.26 billion, ranking XMR 14th on the Coinmarketcap table, with $854 million in trading volume over the past 24 hours as on-chain data reveals Monero outpacing other privacy coins. The privacy-centric cryptocurrency is now outpacing other Altcoins in terms of total fees, average transaction fees as the industry turns a new eye to personal privacy. Justin Ehrenhofer, a lead for the Monero project stated the crypto community increasingly trusts and recommends Monero for private payments.
*After correcting from highs around $143 earlier in the week, upside momentum holds XMR/USD price steady to an intraday high of $131.61
*Monero (XMR) is marginally up by 0.50% on the daily while trading at $126.71
*The privacy-centric cryptocurrency is now outpacing other Altcoins as the industry turns a new eye to personal privacy.
Key Levels
Resistance Levels: $145.00, $140.00, $130.00
Support levels: $120, $110.00, $93.54
XMR/USD Daily ChartOn the daily chart, XMR got rejected at $143, after which recovery from lows of $121.25 brings XMR to its recent price of $126.71. The most critical resistance level however remains at $143 in which a breakout above this point would be crucial and likely to push the price of XMR towards $300 as there is very little resistance to the upside.
On the downside, increased selling pressure may drive the price of XMR down to the MA 50 coinciding around $110 which has acted as a support point since September 25. If XMR/USD fails to hold above the MA 50, an immense correction will come into play, sending the price downstream towards $95 and further to $82 at the MA 200.
XMR/USD 4-Hour ChartThe shorter time frame shows Monero (XMR) attempting a breach past the 4-hour MA 50, a successful attempt brings up the likelihood of a further climb beyond $130. XMR has been constricted beneath the 4-hour MA 50 in the past 48 hours. The rest of the journey to $143 will depend on the crypto’s ability to take down the seller congestion at the $138 mark and $140 key level.
A demand zone is however seen around $120 which may cushion further selling pressure. The XMR/USD pair is only bullish while trading above the $120 level near the 4 hour MA 50 zone, key resistance is found at the $130 and the $140 levels. If the XMR/USD pair trades below the $120 mark, sellers may test the $110 and $93.54 levels.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
