Monero price analysis: XMR/USD extending gains, up 6.13%; Abra excited about listing Monero

Monero is among the strongest daily gainers in the market on Monday 23. The price is resting the resistance at $137.00 although it opened the trading on the day at $128.00. On breaking above the resistance at $130.00, XMR/USD spiked in an engulfing candle and exchanged hands above $139.00 but failed to break past $137.00.

There are slight lower corrections at the moment, but the price is supported by the 200 SMA on the 1-hour chart. The 50% Fib level between lows of $122.80 and highs of $174.30 is also working as a support at $135.00. Monero is also trading inside a contracting triangle and is approaching yet another breakout that could test $140.00. In the meantime, maintaining the support at $135.00 will help the price forge another upside path.

In other news, Abra recently shared a blog post update that showed that it is quite excited about the listing of Monero (XMR) not too long ago. Abra has support for at least 25 altcoins but it is particularly impressed by Monero stating that:

“Against the backdrop of the almost daily news and headlines about massive hacks and data breaches that expose personal information, the idea of building privacy controls into the foundational levels of new cryptocurrencies — like Monero does — is attractive to many users.”

Riccardo Spagni, a lead developer at Monero, commented on the listing on Abra saying:

“The increased liquidity and awareness for Monero that the Abra service will generate is really an exciting development for the Monero community,”

The Abra team says that its user-friendly interface has the ability to give Monero exposure and assist in increasing the awareness of the privacy-focused asset to the greater cryptocurrency community. Abra also said that “Like the Monero community, we believe that privacy isn’t just a useful feature, it’s critical to enabling the creation of new, decentralized financial systems.”

XMR/USD 1-hour