Monero (XMR) up 8%, Sets its Eyes on $52 as Crypto Markets Stagnate
- The major cryptocurrencies of Bitcoin, Ethereum and XRP are experiencing sideways movement.
- Only Monero (XMR) is exhibiting noteworthy gains in a 24-hour period.
- The privacy coin is up over 8% in a day and has its eyes set on the $52 resistance area.
In an earlier article, Ethereum World News reminded the crypto trading community that the CME Bitcoin futures expire tomorrow, Friday 27th March. In the piece, we explored how Bitcoin was having a hard time breaking the $6,900 resistance zone. The King of Crypto is currently experiencing sideways movement at its current value of $6,600. Further looking at Ethereum, $140 has proved to be a difficult resistance to break and ETH is currently trading at $135. Scrolling down Coinmarketcap.com, we find that our favorite privacy coin of Monero is leading the pack with 24-hour gains of 8.35%. XMR is currently trading at $49 and looks set to explore the $52 resistance area.
Brief Technical Analysis of Monero (XMR)
When we analyze the 6-hour XMR/USDT chart courtesy of Tradingview.com, we find the coin’s current price of $49.80 at the time of writing this, is above the 50 (white) moving average and has the 100 (yellow) moving average as a short term resistance. The latter also coincides with a resistance zone that begins around $52.
Looking at the 6-hour MACD and Bollinger Bands, we see that XMR/USDT has the potential to break this resistance albeit momentarily. $52 might just be a local ceiling for the privacy coin. Also to consider is the aforementioned effect the CME bitcoin futures have on the entire crypto markets. With less than 48 hours before their expiry, it might be a wise decision to walk away from longing Monero and wait for more favorable conditions.
(Feature image courtesy of Brad Barmore on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.