The Current Price Of Monero [XMR] Indicates A Weakness In Bearish Pressure

Monero [XMR] is one of the most popular and widely used privacy-centric digital currencies in the world amongst Zcash (ZEC) and Dash (DASH). The digital currency is known for its anonymity when it comes to digital currency transactions. The blockchain project has also got a great team behind it and they have achieved quite a lot over the months.

The value of Monero [XMR] has been in the red over the past few days, however, it is not the only coin in that boat as even the leading coins in the market saw some significant losses. Fortunately, the digital currency is making a gradual recovery and it just broke a minor hurdle on the upside.

SEE ALSO:   A Region in South Korea Seeks to Become An ICO Haven

Monero (XMR) Price Today – XMR / USD

Name Price24H (%)
Bitcoin (BTC)
$6,424.92
0.39%
Monero (XMR)
$91.17
2.59%

At the time of writing, Monero [XMR] is trading at $95 after an increase of five percent over the past twenty-four hours. The market cap of the digital currency has also risen to $1.54 billion and its trading volume over the past twenty-four hours is $28.18 million.

Monero [XMR] Price Analysis

The value of Monero [XMR] rallied in Sunday trading a couple of days of non-stop selloff that caused the values of digital currencies across the board to drop significantly. The selloff even saw Monero lost about 17 percent of its value over the past seven days.

The losses in the market have been associated with the rejection of an ETF for Bitcoin by the US SEC. The Securities and Exchange Commission recently rejected a Bitcoin (BTC) ETF application filed by the Winklevoss twins, and this affected the entire crypto market.

However, Monero is recovering slowly has it has been able to amass gains of about 5 percent over the past twenty-four hours. The digital currency is presently capped on the upside at the $97 mark. If it breaks over this level, it could test the $100 mark and head towards the next resistance at the $105 mark in the short-term.


LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.