• 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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Opportunity in Bitcoin for bargain hunters

First, the strong bullish move yesterday by Bitcoin, which gained more than $1,000 in 60 minutes. The movement has placed the BTC/USD pair above all major moving averages and opens the door to further rises in the absence of relevant resistance.

More Bitcoin News

Ripple’s XRP recovery from April lows marks the beginning to breakout

Ripple has dived massively from the recent highs. The breakout above both the 50 Simple Moving Average (SMA) 1-D and the 100 SMA 1-D propelled XRP past critical hurdles. For the first in 2019, the price exchanged hands above $0.5. 

More Ripple News

Litecoin market overview: LTC/USD oversold and ready to bounce

Litecoin is showing signs of exhaustion from the downtrend experienced from the beginning of July. Recovery to June highs around $146 has been impossible with the path of least resistance having an affinity to the south.

More Litecoin News

Ethereum price analysis: ETH/USD hovers above $220; upside capped at $230

Ethereum momentum hit a snag at $230 following the impressive recovery witnessed yesterday from the support at $205. ETH/USD has spent most of this week’s trading sessions battling to shake off the selling pressure. 

More Ethereum News

Bitcoin Weekly Forecast: BTC bulls get ready for a major assault

The cryptocurrency market has been pretty volatile this week. Bitcoin stayed in the green zone despite wild price gyrations, while major altcoins are nursing double-digit losses on a week-on-week basis.

Read the weekly forecast