Monero Price Analysis – XMR/USD

Monero is an open-source Cryptocurrency created in April 2014 that focuses on fungibility, privacy, and decentralization. Monero uses an obfuscated public ledger, meaning anybody can broadcast or send transactions, but no outside observer can tell the source, amount or destination.

The 14th largest cryptocurrency – Monero having its current market cap stands at the level of $756,774,083 (05:38 UTC) on January 16 dropped in current value by 19.2% compared to December 20 as analyzed from the Graph above. Let us not forget that the significant fall in value due to the strong bearish pressure and competitive forces from around the world. Amid this, the XMR/USD pair remained ‘uptrend’ from January 05 to January 09 as interpreted from the graph above which signifies the bullish trend!

Amid this, the XMR/USD pair gained in value dramatically by 16.6% compared to December 14 which can well be analyzed from the graph above, which elaborates that the bullish trend may expect to accelerate soon!

While both moving averages are falling like a stone by creating the downward pressure over the value as interpreted through the line in the graph above. Since current value trades below the 20-day EMA, which signifies ‘downtrend’ in value. The XMR shows that the bears have the upper hands as the XMR/USD pair remains in bearish trends for some time until the next “uptrend” takes place.

Traders who would like to create a long position are requested to remain on the sideline for the time being until the next ‘uptrend’ takes place.

Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The XMR/USD pair remained range bound from October 29 to November 03 last year, as the cryptocurrency rallied from a low of $102 to a high of $114 which is an 11.7 percent return within five days.

If we elaborate more about the company-specific perspective, Monero is considered to be the cash for a connected world. It’s fast, private, and secure when it comes to executing the transaction with it. While using Monero, it will have you feeling that you have your bank. You can spend safely, knowing that others cannot see your balances or track your activity. Amid this, Monero is a decentralized cryptocurrency, having said that it is secured digital cash operated by a network of users. With this, all the transactions are confirmed by distributed consensus and then immutably recorded on the blockchain. Let us not forget that the third-parties do not need to be trusted to keep your Monero safe.

Monero uses ring signatures, confidential ring transactions, and stealth addresses to obfuscate the origins, amounts, and destinations of all transactions. Monero provides all those benefits of a decentralized cryptocurrency, however without any of the typical privacy concessions.

Now, let me walk you through the trading moment of Price, and Market Cap of XMR as follows:

As we can quickly analyze from the graph above that the MCap stands at MCap $756,774,083 (05:38 UTC) with the Price (BTC) 0.01241984 through orange trend line with 24h Volume 23,769,274 USD (05:40 UTC) can be interpreted from the graph above. Additionally, the MCap traded all-time high on January 07 above the Price/BTC that signified that investors are more inclined to buy this asset. However, at present, the MCap traded above the price which can be analyzed from the graph above.

While we can estimate from the first graph, if bulls succeed in rising and sustaining above the current resistance level $45.73 (05:49 UTC) and create “uptrend” in value (i.e., traded above the EMA) the investors will start buying this currency more and more thereby increasing its value. It seems that this altcoin will soon begin to trading beyond the 20-day EMA thus creating the bullish pattern and may remain for some time. However, based on the current trend, the next support level could be $47.

Please feel free to visit https://www.getmonero.org/ to know more about this cryptocurrency!

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