Monero Price Analysis: Buying Power Is Still Strong To Defend The $52 Support
The crypto market is pretty red today, with most coins dropping in price.
The privacy-oriented coin Monero, on the other hand, managed to correct significantly upwards during the Asian trading hours.
The market update from the past few hours showed a small intraday gain.
Monero leaves the door open for a bullish move
According to info coming from the online publication FXStreet, “An initial break above the descending trendline resistance made it above the 100 simple moving average (SMA) on the one-hour chart as well as the 50 SMA opened the way for a break above towards $60.”
They continue and note that “However, Monero hit a snag at $57.50, leaving the door open for ongoing bearish action.”
At the time of writing this article, XMR is trading in the red, and the privacy-oriented coin is priced at $55.13.
The online publication mentioned above also notes that the move of XMR’s price seems to leave the door open for an ongoing bearish action.
Monero in the news
In other news, Monero enthusiasts were excited to learn that the creators of LocalMonero have revealed a brand new privacy-oriented peer-to-peer OTC crypto trading service.
We reported just the other day that the announcement came over the Reddit airwaves, and it highlights the fact that the new service is called Agoradesk.
This will introduce a brand new form of crypto trading, according to the latest reports coming from Cryptobriefing: options contracts for Bitcoin and Monero.
You should head over to Reddit in order to learn more about the most exciting features of this new service.
You may recall that these two entities managed to build a new points-based rating system that will be suggesting whether digital assets are subject to the US securities laws.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.