Monero price analysis: XMR/USD sidelined at $232.00; Circles adds Monero to the list of instruments
|- Monero continues sliding from April's high.
- Circles allows trading Monero via its Invest app.
Monero has been declining for the seventh day in a row. XMR/USD recovered from the lows at $221.32 to trade at $232.00 at the time of writing, but the longer-term momentum is still bearish.
Fundamentally, this privacy-focused digital coin is partially supported by the news that Blockchain startup Circle has added it to its Investment application.
That's how Circles product manager Rachel Mayer commented upon the news:
"Last week, we welcomed zcash to the coin family on Circle Invest. Today, we continue to grow our coin collection by supporting monero as our new listed crypto asset. This brings our investable crypto assets to a total of 7 coins, making Circle Invest one of the only platforms you can invest instantly and seamlessly in the widest breadth of coins by using your bank account."
Investors will be able to trade Monero with zero commissions via Circle's app, which may increase coin's popularity and liquidity. It is worth noting that Ripple is still waiting to be added to Circle. but the company refrains from commenting this possibility.
Monero technical picture
XMR/USD peaked at $298 on April 24. Since that time the coin lost 22% of its value, but not all is lost for the bulls as long as the price stays above $214 support created by 50-DMA. Once it is broken, the sell-off may be extended towards $200 and $193 On the upside the resistance is created by $240 with 10-- and 200-DMA clustered marginally above that area, and $270.
XMR/USD, the daily chart
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