Monero was originally developed as a counter product to BTC with superior privacy and anonymity features. The obscuring features allowed senders and receivers of payments to conceal their identity with little to no chance of being tracked back. XMR currently ranks 24th with a capitalization of $2.68 billion.
Although the concerns regarding its usage in money laundering created a major hindrance that forced exchanges to de-list XMR from their trading list, creating immense selling pressure for the token. Whilst the token may find better value and suit user expectations in the next decade; the current outlook remains uncertain for XMR.
Monero (XMR) Price Analysis
Monero is showcasing a positive potential to retest the resistance at the $158 level. Technicals are gradually shifting towards a breakout projection, with the token surpassing the resistance of 100 EMA; the outlook for XMR has gained a huge leap. Previous support and resistance to the price action have become a major bottleneck sustaining the value of XMR in the narrow zone.
XMR faces an uncertain reaction near the precious rejection level of $160. While the strength of buying activity witnessing a rise in the last month has created a positive scenario for XMR, the exact reaction is awaited at the top. The relative ease of breaching the 100 EMA curve highlights a positive impact of the token, as consolidation lasted for only a week. RSI for XMR has reached the 60 mark on the daily candlestick pattern.
RSI still maintains a fairly neutral value of 48 on a weekly candlestick pattern. The last four weeks of positive action on XMR seem highly symmetric, as if the same has been programmed. With candles carrying both upper and lower wicks, the sustainability of the token’s positive value seems volatile. The knee-jerking reaction in the first week of November created a loss of 18%, while it has been four weeks, and XMR still requires an 8% positive gain to retrace the lost grounds.