Monero’s Price Rally Seems To Pause With A Consolidation
The crypto market doesn’t look great today, with the most important digital assets trading in the red.
The market is searching for a robust price boost for a long time, and it seems that it’s still under a strong grip of the bears.
Monero in the crypto market
Monero has come up with a price rebound these days, and the privacy-oriented coin is trying to sustain this.
At the moment of writing this article, Monero is trading in the red as well and the privacy-oriented coin is placed on the 14th position on CMC.
XMR is priced at $53.58.
CryptoNewsZ online publication noted recently that “Notably, the short-term SMA line is above the long-term SMA line noting a positive price move, but the lines are heading towards a bearish crossover.”
They continued and explained that the “RSI is near 40 showing no extremities while the MACD chart is in the negative zone with its MACD line on the downside. Also, Monero is trading under selling pressure while it struggles for a bull-run.”
According to the online publication mentioned above XMR is likely to see “resistance levels at $54.81, $55.31, and $56.11 and support levels at $53.10, $52.71, and $52.21.”
Monero upgrade was successful
You probably know by now that Monero recently went through an upgrade.
One of the most important upgrades that this upgrade brought is the shift of the mining algorithm from CryptoNightR to RandomX.
This new algorithm puts ASIC miners at a disadvantage, and it also limits GPU mining to an extent.
It’s been also revealed that Monero has reportedly witnessed its hashrate rise exponentially after the RandomX upgrade despite there’s a lackluster movement in price.
Other than this, despite the fact that Monero did not make any mind-blowing moves this year regarding the price of the coin, the project has been gaining increased interest from crypto enthusiasts.
This definitely happened due to its strong privacy and anonymity features, and more people found XMR an excellent choice for investment.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.