Monero was launched to improve Bitcoin’s anonymity related issues. After its launch in 2014, the coin became quite popular over the years. But since November ’17, the token’s popularity skyrocketed and its market cap now reached over $5.4 billion from mere $1.2 billion in the early November. The token is currently the 10th largest coin in the market.
- XMR/USD pair is testing the weekly peak resistance at $350 with support around $330
- With a gradual bullish run, the pair gained 57 percent over the week
- XMR/BTC gained 20 percent over the week and the pair is currently testing the resistance at 0.018 BTC
Against USD, Monero started the week with a bullish run. In around 48 hours, the token reached $330 from $215. But the pair had to face a stiff resistance at $330. Tough with a support level at $297, XMR tested the resistance a couple of times, it could not breach it until recently. But finally, a gradual upward run began in the midweek.
In the daily chart, XMR/USD finally breached the $330 resistance, but only to face another resistance level at $350. The previous $330 resistance now turned into support and the coin is also testing the newly formed resistance.
The bullish indicators came down due to the weekly peak resistance. Though Stoch dipped due to the peak resistance, it went up again. MACD is stabilizing after a strong bullish run. RSI is currently at 45 percent and can go either way based on the traders’ inclination. 100 SMA is still above 200 SMA indicating an upward least resistance.
Against Bitcoin, Monero had a zig-zag run through the week. Though the coin went above 0.02 BTC to touch its weekly peak, it plunged almost immediately. Major weekly support also formed around 0.016 BTC and currently the pair is testing another resistance level around 0.018 BTC.