Monero Weekly Analysis

20 November 2017, 22:08
Dragan Drenjanin
With the past week’s excellent performance on the market, Monero once again crossed $2 billion mark of the market cap. In the early November, the market cap of XMR was just over $1.2 billion but now its over $2.02 billion. Monero also crossed NEM to become the 9th largest cryptocurrency in terms of market cap.

Key Highlights:
  • XMR/USD appreciated above 10 percent week-on-week and also after a stagnation, gained 4 percent in the last 12 hours
  • Against Bitcoin, because of a dominating week-long bearish trend, XMR/BTC depreciated 20 percent and currently trading at 0.016 BTC

The week started with a huge trading volume of above $173 million a day. This resulted in a huge fluctuation in the price band. But the coin had a great support level at $116 to $118 which checked any dip in the value. But at the same time, the token faced a substantial resistance above $123.

In the midweek, the pair took an upward turn and reached $134 from $119 in mere 36 hours. But the resistance level above the weekly peak is preventing any further growth, and the XMR/USD is currently trading around $132.

In the daily chart, the coin took a dip to $127 but quickly recovered. It is currently testing the resistance above $133. In the 12-hour chart, the coin gained 4 percent from the recovery.

The technical indicators are signaling a bullish turn of the coin after the stagnation. MACD curves had a cross-over and are moving upward. Stoch is indicating a strong bull with consistent upward movement. RSI is also hovering above 63 percent.

Against the bullish Bitcoin, Monero depreciated 20 percent over the week. A week-long bearish movement took the value 0.020 BTC to 0.015 BTC. Support at the later helped the pair to recover and is currently trading at 0.016 BTC.

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