Monero price analysis: XMR/USD accelerates the decline, refreshes weekly low
|- XMR/USD is one of the biggest losers on Friday.
- The coin needs to recover above SMA50 1-hour to mitigate the bearish pressure.
Monero, the 14th largest cryptocurrency with the current market value of $1.5 billion, has been sliding in sync with the rest of the market. At the time of writing, the coin is changing hands at $87.15, down nearly 5% in recent 24 hours and 2.5% since the beginning of the day.
Monero (XMR) has an average daily trading volume $115 million, which is slightly lower than the long-term average figures. It is most actively traded against BTC (57% of all transactions) and USDT (26%).
Being a privacy-oriented coin, Monero is often criticized for being used to facilitate all sorts of illegal activities. However, the coin has a lot of supporters that seek to keep their financial transactions anonymous.
Monero is often targeted by cryptojacking malware that is used to secretly mine coins on the devices infected by a malicious script. Thus recently, cybersecurity experts discovered a new cryptojacking malware which targets Linux servers.
Monero's technical picture
XMR/USD has recovered from the intraday low of $86.17, but the upside momentum remains weak. Strong resistance is located at $93.70 (SMA50 - Simple Moving Average - on 1-hour chart). Once it is cleared, the upside is likely to gain traction with the next focus on $96.00 (SMA200 1-hour) and $98.00 (SMA100 1-hour). The ultimate resistance lies at $100.00.
On the downside, a move below the intraday minimum of $86.16 will increase the selling pressure and push the price towards $83.26 (SMA100 1-day).
XMR/USD, 1-hour chart
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