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Monero price analysis highlights a weak upside momentum in the asset price. The correlation between XMR and BTC is 0.9 - 2
XMR is currently trading above the 50 and 100 DMA. It has seen a drop of 0.24% in the BTC pair.
Monero is a privacy-focused cryptocurrency that was launched in 2014. Monero goal is very simple they want the transactions to happen privately and anonymously. The team behind the project has said that privacy and security are their biggest concerns and ease of use and efficiency comes next as per the CMC. Monero uses Ring Signatures, which help to mask the identity of the sender. Ring Signatures create a group of possible signers, making it impossible to determine who actually sent the transaction. Monero has also been linked with dark wen on several occasions. Despite that, the project has gained significant popularity among users. The protocol uses a Proof of Work Mechanism and XMR can be mined using consumer-grade hardware. XMR correlation with BTC has also seen an increase and reached to 0.9. XMR can observe bullish momentum with the rise in Bitcoin.
Monero has a market cap of $2.9 Billion and is ranked 25th per its market cap. The majority volume of XMR comes through centralized exchanges. The volume of the asset price has seen a decline of 7% in the intraday session. The volume-to-market cap ratio of XMR hints toward a consolidated trend in price.
Will Consolidation Of XMR Turn Bullish?
The weekly technical chart of Monero hints toward a weak upside momentum in price. It is trading in an upside parallel channel on the daily chart. XMR is currently trading near the value of $162 with a small gain in the intraday session. Resistance of the XMR can be seen near the value of $180.Meanwhile, the support of the asset price can be seen near the value of $140.The asset price is trading above the 50 and 100 Daily Moving Averages. Meanwhile, 100 DMA can act as a support for the asset price in the downside trend.
MACD of the XMR suggests a weak upside trend in the price. Meanwhile, bars of the MACD hint towards a consolidated move in price.
Summary
Monero correlation with BTC has seen an increase and is near 0.9. XMR is currently in a consolidation trend but can see a new high in the future.
Technical Levels
Major Support:
Major Resistance;
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/04/16/monero-price-prediction-will-xmr-regain-the-highs-of-200/