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.

Tanya Abrosimova Independent Analyst

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).