The Monero investors have been in shock lately as the coin has been posting good and bad news while riding peaks and valleys these days. Currently, the coin is in a weak position but it is a fact that whenever Monero shows good and bad news updates, it’s time for a thorough analysis.
In our altcoin news today, we are showing you the real situation around Monero and the XMR coin now.
First of all, it is safe to say that plenty of Monero users (in Europe) have sensed major threat of cybersecurity attacks last week. Countries like Germany, Spain and Switzerland have increased the chances of having their supercomputers infected with a Monero mining malware.
And while most of the world is engaged with less activities these days, Monero shows ogod and bad news updates. Due to the COVID-19, investors in XMR are now clueless whether to hold the coin or sell it soon. A few weeks before the hacking incident, we could see that Monero was in limelight about its documentary which managed to top the US box office for a short while.
Make tonight a movie night!
— Monero Means Money (@MoneroMovie) May 15, 2020
The documentary grossed $3,430 on the second weekend of April. However, in times when Monero shows good and bad news updates, investors need a bullish run instead of a documentary to hold on to.
Over the last five days, the XMR/USD has formed a bullish trend line. Now, we can see that Monero has lost around 4% on the day and is again in the negative zone, trading at $63 at the 15th position in the news now.
The consolidation which occurred since last Monday has ended the higher-high pattern and now Monero shows negative sentiment even though it managed to go above $67.50 a few days ago and re-tested the support level at $65 afterwards.
Now, the price of Monero is moving side by side with the 50-day moving average. Here, the MACD indicator is in the negative zone which means that losses may extend and the support is now positioned near $60 and $57, while the maximum resistance at this point is at $65 and $67 as the levels which were reachable in the Monero news a couple of days ago.
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