This article summarizes the key technical indicators for privacy-focused cryptocurrency Monero after its 0.76% price decline over the past hour. Monero is currently trading at $162.99, down from yesterday's price of $164.13.
With the crypto markets poised for a powerful bull run, now is the optimal time to sign up for Binance and start executing profitable Monero trades.
Monero's 24-hour trading volume stands at $105.23 million. Over the past day, XMR is down 1.67%, underperforming compared to major cryptocurrencies like Bitcoin. This indicates some weakness in near-term momentum.
Zooming out, Monero has held relatively steady over the past week, with just a 0.96% loss. However, XMR remains up an impressive 13.89% over the past month, buoyed by broader optimism in the crypto sector.
Technically, Monero is testing support around the $160 level after topping out around $180 earlier this month. As long as XMR holds $160, the medium-term uptrend remains intact. A break below $160 could trigger a steeper correction, with downside targets around $140.
How Does Monero's Anonymity Impact Its Adoption and Price?
As a privacy coin, Monero offers untraceable transactions and anonymous holdings. This gives Monero unique use cases but also regulatory concerns. Monero's anonymity has made it popular on the darknet but limits mainstream adoption. However, demand from privacy-focused individuals is likely to sustain prices over the long run.
At What Price Levels Could Monero Regain Bullish Momentum?
Monero faces resistance around $180 where it topped out earlier this month. A decisive break above $180 would signal a resumption of XMR's uptrend, opening the door to $200. Support sits around $160; a drop below here risks deeper losses. Therefore, traders should watch $160 and $180 as key levels that could spark Monero's next major move.