The privacy centric cryptocurrency, Monero, recorded a 24-hour trading volume of $29,590,942 and the price went as high as $96. The rise in price represents a 7.36% increase within a 24-hour period. The market capitalization is around $1,567,421,137 but the price is down by 3.53% within a 24-hour period. The supply of Monero is about 16,346,872 coins which started accumulating when it was released in June 2014.
Monero Price Analysis For August 25
Over the past 24 hours, the price of Monero has bounced off the bearish pressure. However, the bulls are losing momentum and need more strength to keep pushing forward. The cryptocurrency was able to bounce off lower lows but if the bulls don’t gather momentum soon, the price may slope downwards again and start reaching lower lows.
Monero (XMR) Price Today – XMR / USD
While Monero is trading around $92, it initially went as high as $96.62. This was were the buyers lost steam and the bears started finding resistance. Breaking the descending trendline has been tough. It is important that Monero (XMR) breaks this resistance to prevent more loses. The 21-day simple moving average is placed around $95.93.
The price of Monero (XMR) needs fundamental positive triggers to move forward. Without these triggers, it will fall as low as $88 and even $79. This is according to the price analysis on FXStreet.
Monero (XMR) is a cryptonight algorithm that is based on the principles of alternative cryptocurrency. The token depends on Proof of Work and it awards block rewards. The blockchain difficulty is retargeted with a 60-second target. The platform uses a Ring Signature system for security. It protects a user’s provable and allows them to make untraceable transactions. Monero is considered one of the secure platforms in the industry although recent hack attacks has put its security into question.