In the past week, Monero’s cryptocurrency encountered resistance, resulting in a 0.85% decline. Currently, XMR is trading at $142.620, with a 52-week price range of $116 to $188.
Monero (XMR) stands out in the world of digital currencies due to its strong emphasis on privacy and anonymity. Using intricate encryption techniques, it shields the identities of transacting parties. Monero also boasts a larger supply cap and faster block processing compared to its peers, making it one of the most renowned privacy coins.
However, recent developments have put Monero in the spotlight. A community called Wublockchain, featured on the crypto analysis platform Coinmarketcap, reported that beginning September 21, four privacy coins, including Monero (XMR), MobileCoin (MOB), Firo (FIRO), and Horizen (ZEN), will no longer be available for purchase or trade on Binance for users residing in Belgium. This action aligns with Binance’s decision to remove privacy coins from its platform across markets where it is mandated.
Privacy and Anonymity: Monero’s Key Features
Analyzing Monero’s recent market performance, we observe a 0.74% increase in market value, coupled with a substantial 15.37% drop in trading volume over the past 24 hours, as reported by Coinmarketcap. Monero’s market capitalization currently stands at $2,618,320,671, with a trading volume of $58,216,437. The circulating supply of XMR amounts to 18,328,868 coins.
Turning our attention to Monero’s open interest, data from Coinglass, a crypto analysis website, reveals a figure of $34.39 million, reflecting a 3.16% decrease in the previous session. The long versus short ratio over a 24-hour period stands at 1.0182, with short positions totaling $1,870,114 compared to long positions valued at $839,381.
Unfortunately, Monero’s performance in the past month has been less than stellar, with a 10.05% decrease. However, over the last six months, it managed to secure a 1.72% gain. Nonetheless, the year-to-date return for XMR displays a negative 2.97% decline.
XMR Price Predictions and Key Support/Resistance Levels
Examining Monero’s technical analysis in the 1-day timeframe, we note a continuous downward trend over the past month, resulting in a 10.63% loss in value. The cryptocurrency is experiencing substantial selling pressure, with lower highs and lows contributing to its bearish outlook. While the short-term trendline is exerting downward pressure, the longer-term trendline remains slightly upward. The price has repeatedly dipped below the 50.00% Fibonacci retracement level, most recently on August 17, 2023, and has struggled to recover. Currently, bears dominate the market, and unless the current level holds, XMR’s price may continue to fall, potentially reaching or breaching support levels at $136 and $132. Conversely, if the price maintains its current level and breaks above the trendline, it could target nearby resistance levels at $149 and $156.
As of the time of writing, Monero (BITFINEX: XMR) is trading below both the 20 and 50-day Exponential Moving Averages (EMA), indicating a bearish sentiment on daily charts. The Relative Strength Index (RSI) hovers around 44, signaling a bearish trend, while the Moving Average Convergence Divergence (MACD) indicates a tendency toward consolidation.
In conclusion, the XMR crypto price prediction for the daily timeframe suggests a bearish sentiment among investors and traders. Monero’s price action indicates a consolidation leaning toward a negative outlook at the time of this report. Additionally, key technical indicators such as RSI, EMA, and MACD align with the prevailing consolidation-to-bearishness trend on the daily chart.
Technical Levels
- Support levels: The closest support levels are $136 and $132.
- Resistance levels: The nearest resistance levels are $149 and $156.
Disclaimer
Please note that the views and opinions expressed in this article are for informational purposes only and should not be considered financial or investment advice. Trading or investing in cryptocurrency assets carries a risk of financial loss.