Monero (XMR) is a currency aimed at open-source and privacy launched in 2014. These blockchains, which form the underlying technology behind digital currencies, are public ledgers of participants’ activities that show all the transactions on the network. However, Monero’s blockchain is intentionally configured to be opaque. It makes transaction details, like the identity of senders and recipients, and the amount of every transaction, anonymous by disguising the addresses used by participants Past Trends in XMR The past week has been positive for Monero. XMR opened at $175.70 on February 11, 2021. As of February 17, 2021, XMR closed at $272.25. Thus, the price has risen by roughly 55% in the last week. In the last 24 hours, XMR traded within the price range of $245.15-$276.69. https://ift.tt/3u7H5Xf XMR Falling for Trades XMR started trading at $272.11. Currently, it is trading at $264.26. The price has steadily dropped. The market looks bearish. The price is closer to the lower Bollinger band. It is below the 20-day SMA line as well. Thus, selling pressures are high. However, the OBV and A/D lines are rising. They are showing a bullish divergence. Thus, the price pullback looks temporary. As buying pressures keep mounting, the price will go up again. Presently, the RSI is at 40%. It is continually falling. This indicates heavy sell-offs by the whales. However, it has faced a bullish swing rejection at 39% and has started rallying. Thus, buying activity is slowly overtaking the market. We can expect the price to start up swinging in some time. The MACD and signal lines are negative. But, they are slowly converging with the zero line. They will soon move above the zero line and turn positive. Thus, the bearish market momentum is reversing. A bullish crossover by the MACD line over the signal line points towards a price rise. The AO indicator is negative. But, the ‘sell’ signals are very weak. Hence, the AO may turn positive soon. The Stochastic oscillator has also started rallying from the ‘oversold’ region. It is a good time for swing traders to accumulate XMR. A bullish crossover by the actual value-line over the 3-day SMA line points towards a price uptrend. However, the ADX indicator has fallen steeply. The market is losing its breath. The bearish market momentum is still strong. So, the price will struggle to rise at a faster pace. On the 7-day chart, the overall price trend looks bullish. So intermittent price pullbacks are a part of the price correction process. The current price is below the Fibonacci pivot point of $264.70. If it falls to the first Fibonacci support level of $252.65, then probably a downtrend has set it. But, since the price fall is not very steep, we can expect the price to get closer to the first Fibonacci resistance level of $276.74, by the end of the day. Presently, the price has fallen below the 38.2% FIB retracement level of $264.64. It may test the 61.8% FIB retracement level of $257.20 and also the 76.4% FIB retracement level of $252.59 before rising again. However, if the price falls below this level, then probably a bear-run has started. The price drop may continue tomorrow as well.
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