Monero (XMR) is a digital currency that prioritizes privacy and anonymity. It uses complex encryption to conceal the identities of the parties involved in transactions. It also has a larger supply limit and a quicker block time than Monero. Monero is one of the most well-known and widely accepted privacy coins.
According to a community known as Wublockchain on the crypto analysis website, Coinmarketcap, starting from September 21, four privacy coins, namely Monero (XMR), MobileCoin (MOB), Firo (FIRO), and Horizen (ZEN), will be unavailable for purchase or trade on Binance for users who live in Belgium. This is as per a report by TheBlock. A Binance representative said that Binance is taking steps to remove privacy coins from its platform in “every market that we are required to”.
Monero crypto surged 0.74% in market value and plummeted by 15.37% in trading volume in the last 24 hours, per Coinmarketcap. Its market value is $2,618,320,671 and its trading volume is $58,216,437. There are 18,328,868 XMR in circulation.
Monero’s (XMR) open interest is $34.39 Million, as per Coinglass, which is a crypto analysis website, it fell by 3.16% in the previous session. The long versus short ratio for 24 hours is 1.0182. The total number of short positions added in the last 24 hours is $1,870.114 against longs of $839.381.
Moreover, the XMR coin has not shown good performance this month, as it fell by 10.05% but surged by 1.72% in the past six months. Also, the year-to-date return of XMR price is negative with a 2.97% decline.
Technical Analysis Of XMR Crypto in the 1-Day Timeframe
The XMR crypto price has been plummeting for the last month by 10.63%, losing its value and creating lower highs and lows.
The XMR crypto price is facing a lot of selling pressure and dropping every day. It is following a downward trendline in the short term that is pushing the price down and showing bearishness and barely following the major trendline in the longer term that is pointing up. The price went below the 50.00% Fibo level several times, the latest was on August 17th, 2023, and continued to fall. The bears are dominating and the price is not able to recover.
The XMR crypto price might keep falling and reach or break the support levels of $136 and $132 if it does not maintain the current level and drops more.
On the other hand, if the price holds at the CMP level and breaks above the trendline, then it might reach the nearest target resistance levels of $149 and $156.
At the time of publishing, Monero (BITFINEX: XMR) is trading below 20 and 50-day EMA, showing bearishness on daily charts. RSI is around 44, turned bearish and MACD indicates bearishness to consolidation. Collectively, the indicators view is consolidation to bearishness.
Conclusion
XMR crypto price prediction indicates bearish sentiments and perspectives of investors and traders regarding the crypto in the daily time frame. Monero price action highlights a consolidation to a negative outlook at the time of publishing. Moreover, the most sought-after and reliable technical oscillators like RSI, EMA, and MACD suggest the continuation of the consolidation to bearishness over the daily time frame chart regarding the price.
Technical Levels:
Support levels: The nearest support levels are $136 and $132.
Resistance levels: The nearest resistance levels are $149 and $156.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.