At the time of writing, the entire cryptocurrency market is in the green. The total market cap has increased from $230 billion last week to around $248 billion today.
Bitcoin has pumped around 5% since yesterday, while other prominent altcoins like Monero (XMR) are also starting to gain some traction and now seem to be on an upwards trajectory. Currently, XMR is trading at about $86, after a nice pump that took the coin up from the $80 level.
At its highest point in May, XMR was trading at almost $100, but it started to decline soon afterwards when the cryptocurrency market dipped.
I’m now expecting the overall trend to continue its upwards trajectory to reach newer highs.
Looking at the chart above, we can clearly see XMR is trading well above its 20-day, 50-day, and 200-day EMAs. Not only that, but the 20-day EMA has recovered and is now above both the 200-day and the 50-day EMAs.
As you may know by now, for me to believe an asset is in a real bull market, we should wait for the 50-day EMA to cross the 200-day EMA. Still, these levels show where support lies in the event of a considerable dip in price, with support currently around $67 and $72. More recently, around the $85 price level, we’ve seen loads of trading action and volume spikes, meaning traders are quite unsure around this interval.
The next level of resistance will be between $89 and $92, while the most difficult barrier to break will be close to $100.
Assuming the market continues on a green path, I’m expecting XMR to be one of the top performers, simply because its fundamentals have improved considerably, and we’ve seen a great deal of improvements to Monero proposed by the active development team and community.
Monero is well established and has been around since 2014. Proof-of-Work is used (similar to Bitcoin) as a method of authenticating transactions and mining new coins. Monero features transactions where you cannot see who the originator or recipient is. Privacy is a key USP of Monero where payments are hidden. This has raised questions about what kind of transactions are being carried out using Monero.
Monero is one of the largest cryptocurrencies and is one of the Top 10 cryptocurrencies by market capitalisation.