Monero price analysis: XMR/USD down 9% on daily basis amid tighter AML regulation in South Korea

Monero eyes $100.00 low amid global crypto sell-off.
South Korea decision hits privacy coins.

Tanya Abrosimova Independent Analyst

Monero (XMR) is changing hands at $118.35. The coin has lost nearly 2% since the start of the day and down over 9% on a daily basis. Monero takes the 12th place in the rating of top cryptocurrencies with a total market value over $1.9B and daily trading volumes $48M.

Monero happens to be one of the worst performing coins in recent 24 hours, which is not surprising, considering that the South Korean financial watchdog tightened ints cryptocurrency regulation. The Financial Services Commission (FSC) aims to toughen its approach towards anti-money laundering approach. Such moves usually affect privacy coins, including Monero.

Monero technical picture

XMR/USD reached the bottom at $106.42 on June 22 and topped at $134 on Thursday, June 28. The first local support is created by 110.00 handle, once it is broken, the price will slip to the above mentioned low and, potentially, to $100.00. On the upside, the first line of resistance is produced by 200-SMA (hourly chart) at $121.00, followed by 100-SMA at $126.00 and psychological $130.00.

XMR/USD, 1-hour chart

Author

Tanya Abrosimova

Independent Analyst

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