Monero (XMR) is currently the number four cryptocurrency with a market capitalization of $8,745,580.391. The Monero network was designed to provide increased privacy and anonymity for its users by obfuscating transactions through ring signatures that conceal sender and receiver addresses as well as the amount transacted.
The “monero stock” is a cryptocurrency that has seen an increase in value over the past few days. The price of XMR/USD has reversed sharply after touching $194 daily high.
Monero Price Predictions for March 13
After reaching the daily high of $194 resistance level, Monero (XMR) bears pushed the currency below the $185 level.
Levels of importance:
Levels of resistance: $220, $230, and $240
Levels of support: $155, $145, $135
XMR/USD is projected plummeting from highs over $194 to $182 as support. Since the start of today’s trade, there has been a battle to get over $185. The market price, however, swiftly recovers after falling below the channel’s upper limit, while the technical indicator Relative Strength Index (14) stays below the 60-level.
XMR/USD is now trading at $184.22 on the daily chart. As the impetus fades at this level, a response to a double-top pattern is likely, with the retracement perhaps retesting $180 before completing the reversal.
Furthermore, technical analysis suggests a downward trend as the next course of action for the price, with support levels at $155, $145, and $135 if the coin crosses below the 9-day and 21-day moving averages, and resistance levels at $220, $230, and $240 if the coin crosses above the upper boundary of the channel.
When compared to Bitcoin, Monero is presently trading at 4731 SAT, and it is currently trading above the 9-day and 21-day moving averages on the upside of the channel. If the signal line crosses above the 60-level, the technical indicator Relative Strength Index (14) shows that the price may break into an uptrend, but a breach below this level may enable sellers to re-enter the market.
The possible resistance level might be identified at 5400 SAT and above if the currency goes over the top border of the channel. Meanwhile, if the sellers keep the price below the moving averages, the next support level might be located around 4500 SAT, with any more negative action leading to a support level at 4200 SAT and lower.
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