Monero Price Analysis: XMR’s Trend Following The Huge Recent Market Fall 

It’s been reported that in a really bloody and extremely volatile crypto market, Monero managed to maintain support above $56.

The coin was on an ascending trend, but it seems that things are changing.

You probably already know that a couple of days ago, the crypto market fell really bad, and the reason has been debated earlier today.

A drop in Bitcoin (BTC)’s price managed to shock the crypto space.

The top three digital assets by market cap Bitcoin, Ethereum, and XRP have lost a total of $16.3 billion in market cap in about an hour and a half.

The result was that every coin in the top ten was pushed in the red, and many of them have faced double-digit losses.

Monero price analysis

Recently on the MACD here’s been a convergence and a Gold Cross that have formed, and these show a correction that is on its way to even the beginning of a reversal.

The online publication NullTX writes: “The aim of the correction might be at the resistance line and $65.00. A breakaway of this level may let the quotations go higher — to the projection channel and the level of $86.00. However, if the correction ends at the resistance level, the next declining impulse will go to $40.00.”

Anyway, at the moment of writing this article, Monero is placed on the 15th position on CoinMarketCap and the privacy-oriented coin is trading in the green.

XMR is priced at $53.48.

Monero was recently in the spotlight again when Compliance and Enforcement Officer of the U.S. Department of Treasury – FinCEN, Kevin O’Connor, spoke at a panel discussion organized by the Chamber of Digital Commerce regarding crypto-regulations and legislations.

He said that privacy coins use, in general, impairs crypto tracing.

On the other hand,t here’s no denying that Monero has been gaining increased interest during 2019, and more crypto enthusiasts find XMR a viable option for investment.


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