- The upgrade was meant to add some amazing features to the wallet including a new design.
- A breakout is observed at $160 where the descending trendline, the 50 SMA, as well as the 100 SMA, all meet.
Monero price has been trading below a multi-month descending trendline that was started on April 24. Monero has dropped to new lows in 2018 to test the support at $120. The free fall in the market that started on Sunday last week has led to continued downside corrections across the board. XMR/USD is trading at $125 while the upside retracements have been limited below $140 since June 10.
Monero has had a very eventful June in spite of the overarching corrections in price. The team, on June 4 upgraded the code for the official wallet. The upgrade was meant to add some amazing features to the wallet including a new design, easy accessibility and the one that carried the day was the support for the Ledger Nano S. The lead developer at Monero, Ricardo Spagni said that the update was also tailored to fix a “large set of bugs.” In other relevant news, Monero was listed on Huobi exchange to be traded in XMR/BTC and XMR/ETH pairs.
Monero declined to trade 2018 lows at $120.9, a move that brought back the buyers who are currently pushing for higher corrections. The price, however, seems stagnant at $125 but the key resistance is highlighted at $140. Significantly, a breakout is observed at $160 where the descending trendline, the 50 SMA, as well as the 100 SMA, all meet. A break above this area could see XMR/USD scale the highs towards the coveted $200. In the meantime, most of the technical indicators show that bear pressure still looms. The MACD is deep in the negative region while the RSI on the 4-hour chart is slightly above the 30 mark. The moving averages, on the other hand, show that the path of least resistance is to the downside.
XMR/USD 4-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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.