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- Monero has seen an upside trend with the rise in Bitcoin and is looking to jump above $200
- Technical indicators of Monero are favoring the upside trend. XMR/BTC pair is down by more than 1.13%
Monero is a cryptocurrency that was launched in April 2014. It was created to provide users with a secure, private, and untraceable way to make financial transactions. Unlike many other cryptocurrencies, such as Bitcoin, Monero is designed to prioritize the privacy of its users.To achieve this goal, Monero uses a variety of different technologies and protocols. One of the most important is its use of “ring signatures.” This is a type of digital signature that allows a group of users to sign a message, but makes it impossible to determine which specific user within the group actually signed the message. This means that it is difficult for anyone to trace a Monero transaction back to a specific individual.Monero also uses something called “stealth addresses,” which are essentially one-time use addresses that are created for each transaction. This helps to further obscure the identity of the sender and recipient, as well as the amount of money being transferred.Another key feature of Monero is its focus on decentralization. Like many other cryptocurrencies, Monero uses a decentralized network of computers to process and verify transactions. This means that no single entity has control over the network, and it is less vulnerable to attacks or censorship.
Monero is currently ranked 24th in the cryptoverse and has a market cap of over $2.8 Billion. Volume to market cap ratio of the XMR suggests a consolidated trend in price.
Bulls Are Favoring XMR Upside
The weekly technical chart of the Monero suggests a consolidated trend in price. On the daily chart it is trading near $158 and has seen a gain of more than 1.25%.Meanwhile the Resistance of the Monero can be seen near $180. The support of the asset price can be seen near $100.It is currently trading above the 50 and 100 DMA with a positive crossover. It can see a strong upside trend in the near future.
Conclusion
Monero has seen a strong upside with the Bitcoin pump.It is currently heading towards a new high of $200. Various analysts are predicting a strong upside trend in XMR in the near 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 purpose only, and they do not establish 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.
