Monero price analysis: XMR/USD vulnerable to losses due massive crackdown on privacy coins
- Monero is under pressure due to multiple delistings.
- XMR/USD is moving inside the range, directionless at this stage.
Monero (XMR) has been moving in a tight range since the end of the previous week. At the time of writing, XMR/USD is changing hands at $53.70, off the intraday low of $53.38. Monero takes 14th place in the global cryptocurrency rating with the current market value of $924 million. The coin has lost nearly 3% on a day-to-day basis and stayed unchanged since the beginning of Monday.
Monero has been under pressure lately due to cryptocurrency exchanges crackdown on privacy-focused coins. As the trading platforms for digital platforms slip into centralization and seek to comply with regulatory regalements, Monero and other privacy-focused coins feel the heat.
The exchanges tend to delist controversial coins out of fear of regulatory measures. Bitbay was the latest one that announced Monero delisting. In September, OKEx said that it would delist privacy coins like Monero, Dash, and ZCash.
These developments bode ill with Monero's long-term outlook, making it vulnerable to further losses
Monero's technical picture
XMR/USD is locked in a tight range with the initial resistance created by psychological $55.00. Once it is out of the way, the upside is likely to gain traction with the next focus on $57.80. THis barrier is created by a combination of SMA50 (Simple Moving Average) and the upper line of the Bollinger Band on a daily chart. This barrier separates us from $60.00 and $61.20 (SMA100 daily). XMR/USD has been trading below this line since August.
On the downside, a sustainable move below $52.00 will clear the way to psychological $50.00 and the lower line of the daily Bollinger Band at $49.20. However, considering the flat RSI (Relative Strength Index), the coin is likely to continue its range-bound pattern for now.
XMR/USD, the daily chart
Author
Tanya Abrosimova
Independent Analyst
