Monero’s token, XMR has been bumped up to the 10th largest cryptocurrency by market capitalization as it saw a 35% gain in the past seven days. Monero has been getting crypto miner’s attention as one of the most profitable cryptos to mine in the past few months as Bitcoin mining profit has been sliding. It also gained recognition as one of the strongest privacy coins, because it's designed in a way to ensure that all XMR transactions are 100% unlinkable and untraceable. But one of the reasons behind recent hype around Monero may be because The Economist dropped its name in one of its recent articles, along with other cryptocurrencies including Dash, Litecoin, and Ether. From a technical standpoint, the hype looks legit though, as XMR/USD just confirmed a break above the daily Ichimoku cloud and completed a saucer bottom bullish reversal chart pattern when it broke above the 120 pivot point. While we could see a temporary pullback towards the cloud as we normally do, it looks like XMR could reach the 76% Fibonacci retracement level of $163 if the bulls continue to ride on this new uptrend. What do you think?
For more from Invest Diva, click here
HIGH RISK Investment Trading forex (also known as foreign exchange or currencies) on margin carries a HIGH LEVEL OF RISK, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, risk appetite, and the amount of your expendable income. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should ONLY invest money that you can afford to lose! You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Forex Diva Trading Opinions Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and education, and does not constitute advice. Forex Diva will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Recommended Content
Editors’ Picks
Why crypto may see a recovery right before or shortly after Bitcoin halving
Cryptocurrency market is bleeding, with Bitcoin price leading altcoins south in a broader market crash. The elevated risk levels have bulls sitting on their hands, but analysts from Santiment say this bleed may only be cauterized right before or shortly after the halving.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network (MANTA) price was not spared from the broader market crash instigated by a weakness in the Bitcoin (BTC) market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.
Bitcoin price uptrend to continue post-halving, Bernstein report says as traders remain in disarray
Bitcoin is dropping amid elevated risk levels in the market. It comes as traders count hours to the much-anticipated halving event. Amid the market lull, experts say we may not see a rally until after the halving.
OMNI post nearly 50% loss after airdrop and exchange listing
Omni network (OMNI) lost nearly 50% of its value on Wednesday after investors dumped the token following its listing on top crypto exchanges. A potential reason for the crash may be due to the wider crypto market slump.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.