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- Monero price breached the support of 100 MA in the past trading session. Meanwhile XMR price is currently seeing a gain of 0.5%
- Monero major maintainer Riccardo Sipagni has recently said that they will be leaving the freenode network. This decision was firmly supported by the community.
Monero price is currently trailing at $259 with a gain of 0.5% in an intraday session. The resistance for XMR price can be found near the price of $350. One can expect a bounceback in Monero on the downside at $150. The price is currently trailing below 50 and 100 Daily Moving Average. The 100MA (Yellow) line is at $289, making it a temporary hostile region for the price . The price is currently seeing a weak bullish momentum but it can strengthen in upcoming days. XMR/BTC is currently on an uptrend and can continue the same in the future.
Monero is preparing to leave the historical network IRC run by the freenode. Many employee have resigned stating the Hostile Takeover by Korean prince as the main reason. One of the maintainer of XMR stated that they are ready to leave freenode as their community oppose the data being captured and sold off.
Technical Indicator Hints A Strong Bullish Recovery FOR XMR Price
Monero price highlights a weak bullish momentum on the weekly technical chart. XMR price has seen a gain of 0.7% in the weekly time frame. The daily chart hints at a strong paced recovery for the price. The price is currently in a consolidation zone in the chart. If price breaks above $300, then one can expect a strong bullish rally. One should for the further price action before taking a dive.
The volume indicator is at 109.28K with the hint of lower buying pressure. If the price climbs above $300, then a huge increase in buying volume can be seen.
RSI(Bullish): It is currently trailing at 39.8, while being in the neutral zone. There is a positive slope formation in the RSI, highlighting the probability of an uptrend. The overall sentiment of the RSI is Bullish.
CONCLUSION
Monero has given a great return to the investors in the past and can continue to do so in the future. XMR/BTC pair can also outperform in upcoming days. The recent news about Monero leaving free node can positively impact the price.An Investor should do their due diligence before investing.
TECHNICAL LEVELS
Major Resistance:$350
Major Support:$150
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
