The total market capitalization of the cryptocurrencies has been stuck between $210 billion and $230 billion since September 25. The consolidation is unlikely to continue for long. What’s interesting is that neither Bitcoin (BTC) nor Ethereum (ETH) were performing as solid as Monero (XMR) which was the best performer last week, rising from the previous lows.
Traders right now should watch the key levels closely and benefit from the impending move of this particular altcoin. Below, we are analyzing the charts of Monero (XMR) and identifying potential buying opportunities.
As the best performer of the past seven days, this altcoin rose from the recent lows and indicated that the bulls are using the fall to buy. So, XMR is possibly ready to turn around very soon.
According to analysts on Twitter, the Monero news and charts this Monday indicate a rise of 3.86% which is a major driver right now for the price of Monero (XMR). The XMR/USD pair also continues to slide inside a falling wedge pattern.
Even though the bulls have held the support line of the wedge for the past three weeks, they weren’t able to achieve a strong bounce off it. This actually shows that the bulls are not showing any urgency to buy – even at these levels.
Monero is right now at $57.41 and a break below this wedge may indicate a selling momentum and a negative sign – and XMR may again fall in the $40-s region. As a reminder, the yearly low price of this altcoin was $38.83.
On the upside, however, a pullback from the current levels will face selling at the resistance line of the wedge. Both of the moving averages are also placed close to the resistance line of the wedge. Hence, a breakout of it will signal that buyers are back in the game.
Traders can also wait for the price to sustain above the moving averages before it initiates long positions. The first target on the upside, as we can see, is $97.97 and above it lies the $121.42 limit.
This Monday, we can see a solid momentum on the markets. The latest cryptocurrencies news show that the market cap is at $222 billion and the daily trading volume is at $54 billion. Bitcoin has a dominance of 66.6% and most of the cryptocurrencies in the top 20 are in the green.
Monero Voluntarism Could Be Key For Reducing High Fees For XMR
“Voluntarism is the key to reducing high fees. Collaborative value and co-creation of economy with Voluntarism is the dominant logic in the Monero cryptocurrency space. Therefore, the network is sustainable for mass adoption.”The XMR price is currently below $65 and it sustains the bullish bias. Now, the price is away from its daily high, it is still within the descending channel. The latest bearish move which swept away billions from the market also affected XMR in a bad way and made it lose more than 8%.However, our topic today is the Monero voluntarism and what is very interesting is the subreddit of Monero (XMR) which is essentially a place where users involve in general chatter and have their basic questions answered. The community is involved in a lot of research and development but they have not put in as much efforts in marketing. In terms of innovation and execution, the Monero project has strong talent and a decent track record.The aspect of Monero voluntarism also shows that XMR is different from other private coins by being trustless. By nature, there is no need to trust a central team for the company to stay private. In this way, we can see that voluntarism is one of the major driving forces contributing to the growth of Monero (XMR).After 2022, many expect the block reward to stop decreasing from 0.6 XMR, signaling a period of fast change and stable mining activities.The cryptonews also show that the block size of Monero has no cap and is dynamic. While fiat currencies tend to inflate by 2% to 6% every year, the inflation of Monero is 0%. With an anonymity set that is strong, we can see that Monero has all the characteristics desired to facilitate mass adoption.
Monero Reveals New ‘’Triptych’’ System For Scalability And Privacy
Monero’s Privacy Features Boost The XMR Price 7% Higher
Privacy Features Propel Monero (XMR) By 10% Higher In 2020
Bitcoin Cash Dev Tax May Still Roll Out Despite Roger Ver’s Support
City Of Zermatt (Switzerland) Officially Accepts BTC For Tax Payments
Cardano Nears Smart Contract Implementation: Report
If BTC Breaks Through $9,500, This Q1 Will Be The Best Since 2013
Bakkt BTC Options Volumes Are Dull One Month After Their Launch
Financial Institutions Start Using Stablecoins In 2020: Report
The Mega Rejection At $9,200 Which Worried BTC Bulls
Crypto And Blockchain Firms Are Trying To Help Coronavirus Victims
Bitcoin Needs PR From People Like Peter Schiff: Binance CEO
Bitcoin Gold Got 51% Attacked, Now Surges By 19%
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
- Blockchain News7 days ago
UK Tax Agency Will Invest In A New Blockchain Analysis Software
- Ethereum News7 days ago
Ether Prepares For A Price Correction: Market Analysis
- Blockchain News5 days ago
US Military Gets Under Threat From Crypto Ransomware Malware
- Blockchain News6 days ago
Hack Attacks On Crypto Exchanges Are Increasing: Report
- Altcoin News6 days ago
Crypto Exchanges Report Large Decline In BTC Trading Volumes
- Altcoin News6 days ago
Square Gets Patent For Real-Time Crypto-To-Fiat Swaps
- Altcoin News5 days ago
Central Bank Digital Currencies Are Coming In Three Years: Survey
- Altcoin News7 days ago
Hong Kong Gets Closer To Issuing Central Bank Digital Currency