Monero now supported by Ledger Nano, market reaction is muted

  • XMR/USD stays above $61.00, off the recent highs.
  • Ledger added support for Monero coins on its  Ledger Nano S device.

Monero (XMR) is rangebound during early Asian hours on Friday. The coin takes the 11th place in cryptocurrency rating with a current market value of $1B and average daily trading volume $16M. The coin touched the area above $66.00 handle on Wednesday amid global cryptocurrency market recovery but failed to keep gains. XMR/USD is changing hands at $61.76 at the time of writing.

Monero users now can store their coins on  Ledger Nano S, the flagship device of French startup Ledger.

The company made an announcement in its Twitter account:

"We are thrilled to welcome another top crypto asset to the Ledger platform with @monero. The Ledger Nano S is now compatible with the latest version of the Monero GUI wallet. Start securing your Monero with a Ledger Nano S!"

However, the market reaction has been muted so far, as Monero has been moving with the general trend.

Monero's technical picture

On the 1-hour chart, XMR/USD has entered a resistance zone created by a confluence of SMA50 and SMA100. We need to see a sustainable move above $61.90-62.00 area to set the bullish ball rolling at least in the short-term timeframe. Once this happens, $66.00 handle will come into focus. This resistance stopped the recovery on Wednesday.

On the downside, the support is produced by psychological $60.00 followed by SMA200 (1-hour) at $58.90. Once below, the sell-off may be extended towards congestion area $55.00.

XMR/USD, 1-hour chart


 

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