- The increasing demand for XMR
- Final date for the hard fork announced.
- XMR/BTC pair at a rise of 6.58%.
XMR has the third largest developer community among cryptocurrencies, behind bitcoin and ethereum. Its privacy features have attracted cypherpunks and users desiring privacy measures which are not provided in other cryptocurrencies. It is increasingly used in illicit activities like money laundering, dark markets, etc. The project’s aim is to achieve the greatest level of decentralization possible, meaning that a user doesn’t need to trust anyone else on the network.
The technical analysis for XMR on the daily time frame shows a trend reversal and is currently on an uptrend. The price for one XMR is $174.62 with an increase of 7.07% in its market capitalization in the last 24 hrs. The XMR has a volume of 194 million with a gain of just 1.23% in it while the market cap is 3.1 billion with an increase of 6.58% in the last 24 hrs. The volume market cap ratio for XMR is 0.06111. The XMR/BTC is at a rise of 6.87% and the value for the is 0.005759. The value for the moving average lies at 163.21 USD.
The uptrend has set a new resistance of $190. As the relative strength index has shown an oversold region, the analysts believe that the bears are attracted over the coin again and hence the bullish movement is observed over the graph across all ( short, medium and long) time horizons and the bullish signal will get intensified, as we can observe that the MACD line is going to make a positive cut over the MACD signal line.
While on the shorter time frame also say for 4 hrs the MACD indicator has indicated a bullish run.
The Hard Fork is Near
XMRs network update was expected in the mid of May 2022 according to Monero’s GitHub post. But now it is confirmed to be done on 16th of july 2022.
The team behind the project has confirmed that the hard fork would improve Monero’s network security while cutting fees.
Conclusion
The demand for Monero expects to rise higher in 2022 due to its promise of providing anonymity. Previously the price broke out from channel down and made a higher high, sign of uptrend.
Technical levels
Resistance: $190 and $215
Support: $135
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.