Monero [XMR] sees meagre growth in crypto market: Technical Analysis

Google+ Pinterest LinkedIn Tumblr +

Monero [XMR] followed the queue of major altcoins that bounced back with bullish trend to trade in green as the year rolled out. The stable value of Bitcoin hovering around $3,800 contributed towards pushing the digital currencies to move in an upwards trajectory, including this 13th most valuable cryptocurrency in terms of market cap. Amid a period of market recovery, Monero [XMR] has gained almost 7% in the last seven days and dropped nearly 10% in a span of a month.

XMR/USD

The MACD, at the time of writing, shows that the virtual currency is fairly trading in bullish zone. The 100 EMA line indicates that the coin is in uptrend. The digital asset is trading at a considerable distance from breaking out its key resistance level, which can be noted at $53.2.

At the moment, the hourly RSI indicator is found at 44.5, which suggests that the crypto is experiencing increased selling pressures. The altcoin has inched up almost 1.07% against the U.S. dollar to be valued at $50.46. The data from CoinMarketCap shows that its market cap stands at $842.37 million.

Monero [XMR] price chart

XMR/BTC

The digital currency has edged up nearly 0.41% lower against Bitcoin [BTC] and currently, one XMR is worth around 0.0129577 BTC. 

Monero [XMR] Latest Updates

  • Fornite’s Retail Row, the merchandise unit of the online video gaming platform, has ”exclusively” accepted Monero [XMR] as payment option. The 13th most valuable cryptocurrency in terms of market cap begins first day of the year, 2019 on a merry note and has took to its Twitter handle to reach out to the crypto community. With Monero, Retail Row has entered for the first time the domain of supporting digital asset. However, the merchandise store already supports GloBee, the virtual currency based payment service that is open for cryptocurrencies such as Bitcoin [BTC], Ripple’s XRP and Litecoin [LTC]. Here, the customers can also avail PayPal and credit cards service, a conventional mode for making payment.
  • The Monero project is going to adopt a new supply program called the ‘Tail Emission’. According to an earlier announcement by the project, the miners will obtain a consistent mining reward of 0.6 XMR per block that would likely maintain the overall security and integrity of Monero blockchain. The working of Monero project is very much similar to that of the Bitcoin and it reduces the supply of its XMR tokens that are being thrown into circulation through mining.

See also:

Monero as Fortnite merchandise unit’s ”exclusive” payment option

Over 16 million Monero [XMR] mined ahead of new supply program “Tail Emission”

Image via Shutterstock

Share.

Leave A Reply