The cryptocurrency market is mixed as bulls and bears tussle for dominance while the week grinds to a halt. Monero (XMR) gets ready for hefty price action as it attempts the near-term hurdle at $130. An increase in volume supports XMR/USD uptrend, hence the optimistic outlook. After correcting from highs around $143 earlier in the week, upside momentum holds XMR/USD price steady to an intraday high of $131.61. Monero (XMR) is marginally up by 0.50% on the daily while trading at $126.71. The market cap currently stands at $2.26 billion, ranking XMR 14th on the Coinmarketcap table, with $854 million in trading volume over the past 24 hours as on-chain data reveals Monero outpacing other privacy coins. The privacy-centric cryptocurrency is now outpacing other Altcoins in terms of total fees, average transaction fees as the industry turns a new eye to personal privacy. Justin Ehrenhofer, a lead for the Monero project stated the crypto community increasingly trusts and recommends Monero for private payments.
*After correcting from highs around $143 earlier in the week, upside momentum holds XMR/USD price steady to an intraday high of $131.61
*Monero (XMR) is marginally up by 0.50% on the daily while trading at $126.71
*The privacy-centric cryptocurrency is now outpacing other Altcoins as the industry turns a new eye to personal privacy.
Key Levels
Resistance Levels: $145.00, $140.00, $130.00
Support levels: $120, $110.00, $93.54
XMR/USD Daily Chart: Ranging
XMR/USD Daily Chart
On the daily chart, XMR got rejected at $143, after which recovery from lows of $121.25 brings XMR to its recent price of $126.71. The most critical resistance level however remains at $143 in which a breakout above this point would be crucial and likely to push the price of XMR towards $300 as there is very little resistance to the upside.
On the downside, increased selling pressure may drive the price of XMR down to the MA 50 coinciding around $110 which has acted as a support point since September 25. If XMR/USD fails to hold above the MA 50, an immense correction will come into play, sending the price downstream towards $95 and further to $82 at the MA 200.
XMR/USD 4-Hour Chart: Ranging
XMR/USD 4-Hour Chart
The shorter time frame shows Monero (XMR) attempting a breach past the 4-hour MA 50, a successful attempt brings up the likelihood of a further climb beyond $130. XMR has been constricted beneath the 4-hour MA 50 in the past 48 hours. The rest of the journey to $143 will depend on the crypto’s ability to take down the seller congestion at the $138 mark and $140 key level.
A demand zone is however seen around $120 which may cushion further selling pressure. The XMR/USD pair is only bullish while trading above the $120 level near the 4 hour MA 50 zone, key resistance is found at the $130 and the $140 levels. If the XMR/USD pair trades below the $120 mark, sellers may test the $110 and $93.54 levels.
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