Monero has been gaining traction these days simply because of its one most important feature, Anonymity. In the current digital age, hiding your digital footprint is impossible, especially when you are dealing in funds transfer or transactions. While market leaders BTC offered no anonymity, XMR is here to offer what even the best can’t.
Anonymous and private transactions with the help of advanced cryptography. XMR users often spend their time worry-free since there is absolutely no fear of censorship over their transactions. The origin of Monero is rather a fascinating story; it originated from ByteCoin.
A superior level of decentralization on Monero’s blockchain will ensure that any user won’t have to trust anyone on the network for privacy or transaction security. Monero has also become a safe haven for illicit transactions and finds use even on the darknet. Let’s dive more into the actual price action and predict the possible outcomes from technical indicators.
Monero Price Analysis
XMR has created an unsure consolidation pattern, adding to the already complex price movement witnessed in the last couple of months.
It took Monero three swings to reach from $180 to $320, which is a lesser movement than other similar cryptocurrencies. Its movement above the 200 DMA curve offered some confidence that XMR has entered a bullish zone.
However, this cryptocurrency failed to hold on to its gains and breached the 200 DMA curve. This breakdown not only pushed short-term traders out but once again presented evidence of the volatility offered in the cryptocurrency domain.
However, the fall was limited by the 100 DMA of Monero, which is active at $248. Currently, the 200 DMA at $274 has become a strong resistance. Leaving aside the shorter trading range, on broader levels, $245 is strong support for XMR, which will be supporting any downside movement but, closing below this level can initiate a fresh sell-off, while the resistance is active at $320 levels.
RSI has improved a lot in the last week, but steady volumes and lower buying sentiment demand restraint and caution on investor’s part.