Even though most crypto markets were trading in the red, Monero XMR hit a five-week high. Monero could extend its upward rally and gain additional bullish traction while rising around the $152 level. The performance of the Monero (XMR) coin in the cryptocurrency market led to a 6.4% increase in its 24-hour trading volume. XMR buyers maintained their buying interest as the price rose from lower levels. Moreover, despite the crypto bear market, most other coins and tokens are on the rise.
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Price and Tokenomics of Monero XMR
Monero is currently trading at $151.85, with a 24-hour trading volume of 164 million. With a surge in the XMR price, it now ranks 26th in the market with a live market cap of $2.7 billion. Whereas the total number of XMR coins in circulation is unknown; however, 18 million coins are now in use.
Monero is designed to be a private, untraceable coin, which is why it has grown in popularity. Since Monero (XMR) transactions are encrypted, they cannot be linked to specific individuals. Additionally, Monero’s resistance to the bear market could be attributed to its rally to the upside.
Even though the price of Bitcoin and other cryptocurrencies has fluctuated significantly over the past year, the price of Monero (XMR) has remained “relatively” constant. Many investors see it as a safe haven, especially during turbulent economic times.
Development of the Monero network:
The upcoming Monero hard fork, the fifteenth version of the software, will improve overall network privacy and performance (v15). One of the most notable changes will be the increase in Monero’s ring size from 11 to 16. Monero has also revealed updates to its multisig system. However, the anticipation of the hard fork may be the only factor influencing the price of XMR.
Approaches to a Crypto-FOMC Bear Market Meeting
Despite the good performance of some digital assets, the cryptocurrency market was unable to attract offers and lost its previous positive momentum. A lack of bullish leverage in the cryptocurrency market and investors re-entering the fiat market suggest another crash is possible. This happened as Bitcoin, the largest crypto coin in the world, continued to lose ground. On the other hand, the bearish basis of the main cryptocurrency Bitcoin did not affect Monero.
Monero XMR Technical Outlook
Technically, the XMR/USD pair encounters immediate resistance near the $153.60 level. On the 4-hour timeframe, the triple top pattern acts as resistance at this level. If XMR breaks above the resistance level of $153.60, it will be exposed to the next resistance level of $160.
Alternatively, Monero may experience a bearish correction below the $153 level. On the downside, the immediate support level for the XMR/USD pair remains at $144.
Technical indicators such as MACD and RSI support the buying trend but indicate that the digital currency is overbought. Accordingly, a slight downtrend below $153 is not surprising. Consider staying bearish below this double top resistance level and bullish above it. Good luck!
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