Monero is the privacy and anonymity cryptocurrency. Which is why so many governments around the world hate it. Yet, it remains a digital asset with a clear use case that is very useful and in which many investors remain interested. That’s one of the reasons why Monero’s had a great day in the market today.
As we write this XMR is trading at $96.90 and it remains ranked at the 13th place by the market capitalization. For today, that’s not the most important thing. Here’s what matters: Monero (XMR) price is rising, the Bollinger bands are getting wider, and we’ve seen some inspiring trading volumes in the green zone. So today could be an essential day for Monero.
Let’s explore the technical analysis for 24 hours and 30 days and see if we can figure out how things will go for XMR.
24-hour technical analysis
Market technical analysis is sometimes tough to understand. That’s today’s case with Monero.
The analytics are all in red, even though the coin is doing great. Monero price is up by 7.26% in the last 24 hours, and 10.3% over the last seven days.
The Monero price stands above the pivot point ($91.310), and it’s not very far from testing the first XMR resistance level ($99.398). It’s heading up there, and it could test it at any time. Yet, the moving averages are split half and half between bears and bulls and every single technical indicator is for the bears.
So don’t quote us, but this could be the day in which technical analysis is failing to understand the market’s sentiment, which means you could make a pretty penny by going against it – the technical analysis, not the market.
Monthly technical analysis
The scenario for monthly is also hard to grasp. It’s neutral. Every moving average is signaling for the bulls, and yet, it’s neutral overall. The technical indicators are not that good. Four out of two are for the bears.
It could be because the price is below the monthly pivot level. When the price is under the pivot, it’s the standard lore to consider that the bears are in charge. Even as the price keeps rising.
Outlook
Before we finish this article, we’ll remind you that we do not give investment or financial advice of any kind.
That being said, it looks that Monero is going to be today’s best opportunity in the cryptocurrency market. And you can’t wait too long to get in because the weekend usually changes everything in crypto in a matter of minutes.
So there’s no denying that Monero looks excellent right now. But indicators and technicals don’t look very good at all. So what’s the right choice? Only you can decide. But before you do, make sure you do your own research and figure out what’s really happening.
In the meantime, we’ll continue to offer you the available numbers and our thoughts; Monero is a go considering where things stand right now.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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