Monero Price Analysis: XMR Found Support Above $55

The crypto market has been extremely volatile during the past few days.

On the other hand, it seems that a few cryptos continued to remain in the green a lot, and one of them is Monero (XMR), the privacy-oriented coin.

Monero shows a bullish move

The privacy-oriented coin was able to break away from the rest of the digital assets, and it showed a remarkable bullish move that saw gains of more than 1% yesterday, October 20th.

Addressing what happened in the crypto market during the past week, the online publication FXStreet writes:

“The declines experienced this week found support at the 23.6% Fib retracement level taken between the last swing high of $60.76 to a swing low of $51.84. The staged recovery from the support initially stepped above the 50 Simple Moving Average (SMA) on the one-hour chart. This placed Monero in a trajectory toward $60; however, the immediate upside is restricted by the 100 SMA.”

At the moment of writing this article, the crypto market looks pretty green price-wise, and Monero is no exception.

The privacy coin is trading in the green on CMC, and XMR is priced at $56.88.

Monero in the news

Monero was just recently in the news again in relation to a crypto mining worm.

Researchers at Unit 42, which is a Palo Alto Networks threat intelligence team has discovered the very first cryptojacking malware that has been found on popular platform Docker.

he worm was reportedly mining for Monero as reported by the online publication TechRepublic.

The worm has been reportedly removed as soon as it was discovered.

In other more optimistic news, Monero has been gaining more and more interest these days, despite the massive volatility of the crypto market.

People probably start to understand the importance of privacy better, and they find in XMR an excellent investment option for the future.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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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.

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