Monero (XMR) Cryptocurrency News, Price Analysis
Monero Leads Market Recovery with Ethereum
Thursday saw the coin market make some gains as two coins Monero and Ethereum each made gains of 17 percent each. The two leading gainers led a number of other coins such as Cardano, Dash, IOTA, Tron and Litecoin which all made substantial gains adding some $12 billion to the market capitalization of the coin market.
Bitcoin however made gains of just 3 percent to ensure that that market that had in the past days bottomed at $186 billion remains positive.
Although there have been no news showing reasons for the recent boost in price at the time of writing the report, there are indications that it may just be the action of traders taking up position in anticipation of imminent price surge to make profits.
That Monero led the recovery is not really surprising to many analysts. This is due to the fact that the coin has been in the news for various reasons in recent weeks. It has also had a series of positive reviews and reports that are linked to its privacy features, a characteristic that has given the digital currency many loyal followers.
It is obvious that in the recent weeks, XMR has had many investors and traders who were previously aloof take interest in it especially after the report by Satis Group that predicted that the coin would make the most gain in the future pointing to the belief that investors in it would make substantial profits in the next 5 to 10 years.
Ethereum the second top gainer is a surprise to many because ether, the Ethereum native currency has been on a downward slide for several months. This is mainly due to the liquidation of project funds of startups that raised funds on the platform. There seems to be a ripple effect as the ETH price went lower as founders are eager to make sure their project funds are not devalued due to the falling price.
Monero Not Yet Bullish in A Technical Sense
Just in a technical sense, the price of XMR is above the descending trendline. Currently trading at $112.40, the XMR gains are more than 50 percent from the August 15 low even though it is still going through correction from the September 4 high.
The coin would need to build up a bullish momentum past the September high to put it firmly in an upward swing. If it is unable to break through the resistance in the current market situation, it could slide to the $87 support.
With the moving averages turning downwards, the RSI is in a negative territory despite the fact that the selling pressure has eased off. The main challenge to recovery is the resistance the bulls will face at the moving averages and trendline. This is so because the contention is at a zone that historically was a support but has turned resistance.
Trading View reported that, “In this area, around the $110, are all important EMA’s on the four-hour chart and also we could find a counter trendline which passing through this area and makes a cross. This will all indicate that the key level is around $110.”
XMR/USD Price Chart, Friday September 14th:
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