- Demand for XMR has spiked over the last few days
This happened despite the proposed plan to shut down LocalMonero
As a researcher with experience in cryptocurrency markets, I find it intriguing that Monero’s XMR has defied the negative sentiments surrounding the closure of LocalMonero trading platform. The demand for XMR has spiked over the last few days, pushing its price up by 8% within a week.
Monero’s original currency, XMR, looks set to continue its weekly surge, defying the pessimistic feelings stirred by the shutdown of LocalMonero, a popular P2P marketplace for the confidential cryptocurrency.
Starting from 7 May, LocalMonero made the decision to halt new registrations and advertising of Monero (XMR) transactions on their platform. They further announced that as of 14 May, any new Monero trading activities would no longer be permitted. Lastly, by 7 November, they plan to shut down their entire website.
XMR looks the other way
At the moment of reporting, the widely used privacy coin was priced at $132.52, marking an 8% increase in the previous week based on CoinMarketCap’s data. Surprisingly, this growth occurred despite the general market showing caution during that timeframe.
As an analyst, I’ve examined the price behavior of this altcoin on the daily chart and identified potential signs of an upcoming rally in the near term. Currently, the asset’s value sits above its 20-day moving average (SMA). In simpler terms, the 20-day SMA is a short-term indicator that represents the average closing price of the asset over the previous 20 days.
As an analyst, I would interpret a situation where the moving average sits beneath an asset’s current price as an indication of an uptrend. This observation implies that buying pressure has been more influential than selling pressure lately, potentially setting the stage for a prolonged market surge.
As a researcher studying financial markets, I would describe the 20-day Simple Moving Average (SMA) of an asset as a responsive indicator that mirrors price fluctuations. This statistical measure calculates the mean of the previous twenty days’ closing prices to provide a clear representation of the asset’s recent trend.
Read Monero’s [XMR] Price Prediction 2024-25
Additionally, the surge in XMR‘s price action was reflected in its strong buying signals based on technical indicators. At present, its Relative Strength Index (RSI) stood at 57.13, and its Money Flow Index (MFI) reached 71.69.
Based on the data at hand, I observed a preference among market participants towards amassing XMR rather than distributing it.
At present, there’s been a surge of funds entering the XMR market as indicated by its Chaikin Money Flow (CMF) figure of 0.14. This indicator signifies the influx and outflow of funds in an asset; a positive CMF suggests that the market is exhibiting robust strength.
As a Fibonacci analysis expert, I have examined XMR‘s price chart and identified that breaking past the $134 resistance could potentially lead to a new upward trend. Based on my analysis, if this happens, we can expect XMR to reach approximately $143 in the subsequent price movement.
If the invalidation of this condition occurs and bears apply pressure to the market, the altcoin’s price could potentially drop below $125.
Read More
- DOGS PREDICTION. DOGS cryptocurrency
- SQR PREDICTION. SQR cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
- TON PREDICTION. TON cryptocurrency
- EVA PREDICTION. EVA cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- HI PREDICTION. HI cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- CLOUD PREDICTION. CLOUD cryptocurrency
2024-05-10 22:16