Monero (XMR) drifts with the bearish tide

Monero (XMR) is trading in a red zone in sync with other altcoins. Cryptocurrency bears have returned to the market after a short respite during the previous week. Monero (XMR) now takes the 11th place in the global cryptocurrency rating provided by CoinMarketCap. Its total value amounts to $935M, while an average daily trading volume is registered at $12M. 

XMR/USD has lost over 2% of its value since the beginning of Monday to trade at $57.66 by press time, though the coin is off the recent low reached at $52.31.

Monero is a privacy-focused coin that allows users to send and receive digital money without disclosing sender and receiver addresses and the transferred amount. This controversial feature causes a lot of disputes as some people believe that it attracts criminals, hackers and other people that want to launder dirty money or cover up their monkey business.

However, their opponents point out that such protocols as Monero coins help to maintain privacy in the age of total control executed by the governmental authorities.

Monero's technical picture

On the 1-hour chart, XMR/USD is capped by SMA200, 1-hour (currently at $58.75). Once it is cleared, the recovery may be extended towards $60.00; however, we will need to clear congestion area  $61.90-62.00 to motivate short-term bulls to become more active. 

On the downside, the local support is produced by the Asian low of $56.47. Once below, the selling pressure may increase with the next aim at the congestion area $55.00 and November 27 low at $52.30.

XMR/USD, 1-hour chart