Monero Price Analysis: Is The Effort Of XMR To Hold Its Ground Failing?

Ritika Sharma
November 28, 2022
4:30 pm

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Monero is currently struggling to maintain an upside trend. It has seen a drop of 2.35% in the intraday session
Technical indicators of XMR suggest a consolidated trend. Meanwhile, the XMR/BTC pair has seen a loss of 0.01% in the past 24 hours.

Monero has recently slammed Cardano Midnight but has now retracted their statement. In a deleted tweet of the Monero official page they wrote”Use Cardano Midnight if you want to use a ‘privacy’ blockchain with a backdoor, Use Monero if you want actual privacy without shenanigans, shame on you @InputOutputHK.” It was launched in 2014 with a simple goal to allow transactions happen smoothly and privately. Many people have rumored that one of the co founder of the Monero is Satoshi Nakamoto. Monero has a supply of around 18 Million and all of it is currently circulating in the market.

Monero has a market dominance of 0.3% and is currently ranked 24th in the cryptoverse. The volume of XMR has seen a very slight decline in the past 24 hours. Volume to market cap ratio of the Monero suggests a consolidated trend in price.

Bulls Of XMR Are Becoming Weak

The weekly technical chart of the Monero hints towards a downside trend in the future. On coming to the daily chart the asset price has seen a decline of 3.1% in the intraday session and is trading near $134. Resistance of the asset price can be seen near $150. Meanwhile, the support of the price can be seen near $100. The asset price is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover in the price which can push it down to a new low in the future. There is a formation of upside parallel channel which suggests a weak upside momentum in price

Conclusion

Monero is currently observing a consolidated trend. Cryptomarket is currently in a downside trend and XMR can observe the same in upcoming days.

Technical Levels

Major Support:$100

Major Resistance: $150

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.