Monero is an open-source protocol that is fast, secure, and private. In other words, your activity on the Monero network is untraceable. This adds an additional safety layer to your transactions. XMR is its governance token. 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. Past Performance On March 9, 2021, XMR started trading at $221.01. As of March 16, 2021, the closing price of XMR was $229.92. Thus, the XMR price has surged by roughly 4% in the past week. In the last 24 hours, XMR has been trading between $218.96-$235.16. https://ift.tt/3lnY9Eq Day-Ahead and Tomorrow Currently, XMR is trading at $231.42. The price has increased from the opening price of $229.92. Thus, the market looks healthy. The MACD and signal lines are negative. Thus, the overall market momentum is bearish. Moreover, a bearish crossover by the MACD line over the signal line implies a price pullback. Hence, we can expect the price to dip. Currently, the RSI is at 42%. It faced a bullish swing rejection at 32% and thereafter rallied to this level. Swing traders may go long at this point in time. In other words, selling pressures are high and hence a price pullback is on the horizon. The OBV indicator, however, paints a positive picture. It is upward sloping. Thus, buying volumes are high. High buying activity will lead to an increase in the XMR price. In short, we can expect a bullish price trend with intermittent price pullbacks. XMR Price Analysis Currently, XMR is trading above the Fibonacci pivot point of $228.01. As the overall market looks positive, we may expect the XMR price to break out of the first resistance level of $234.20, by the end of the day. Presently, the price has tested and fallen below the 23.6% FIB retracement level of $231.34. As a price pullback is indicated by the oscillators, it may fall below the 38.2% FIB retracement level of $228.97 too. If the bulls are strong, the price will retest and break out of these levels by day close. In that case, we can be assured that the bull-run will continue tomorrow as well.
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