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- Monero price has seen a halt after trading in an upside trend and is currently in a consolidated move.
- XMR technical indicators are not favoring the bulls. XMR/BTC pair has seen a drop of 0.95% in the intraday session
Monero was launched in 2014 with the goal of providing a secure, private, and untraceable way to transfer funds digitally. It is based on the CryptoNote protocol, which utilizes a variety of cryptographic techniques to ensure the anonymity of transactions.One of the key features of Monero is its use of ring signatures and stealth addresses. Ring signatures allow a group of users to jointly sign a message, but without revealing which member of the group actually signed the message. This helps to obscure the identity of the sender and recipient in a Monero transaction. Stealth addresses, on the other hand, are unique, one-time addresses that are generated for each transaction to further protect the privacy of the sender and recipient.In addition to its focus on privacy, Monero is also designed to be scalable and resistant to censorship. It uses a proof-of-work consensus algorithm, which allows it to process transactions quickly and efficiently.
XMR is currently ranked 23rd in the cryptoverse and has a market cap of $2.6 Billion. Volume of the Monero has seen a drop of 3% in the intraday session. Volume to market cap ratio of XMR suggests a consolidated trend in price
Will Bulls Continue The Upward Trend Of XMR?
The weekly technical chart of the Monero suggests a weak upside trend of price. On coming to the daily chart the asset price has seen a drop of 0.65% and is trading near $145. The upside trend of XMR price can see a halt near $180. The downside trend of the asset price can be seen near $100. It is currently trading above the 50 and 100 DMA. There can be a positive crossover which can push the price to a new high. XMR is down by 71% from its all time high. Various analysts are predicting a strong growth in the future.
Conclusion
Monero is one of the leading private crypto currency and has been affected by the downside of crypto market. XMR is currently in a consolidated mode and can soon see a new high in future.
Technical Levels
Major Support:$100
Major Resistance:$180
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
