Monero [XMR]price falls over 10% as bears return again:Technical Analysis

Monero [XMR] Technical Analysis

With the attack of bears again, the major altcoins began trading in red with Monero [XMR] maintaining sluggish momentum in market. The 12th most valuable virtual asset by market cap could not endure the extreme selling pressure in the market that led to the coin shave off $66.2 million in a span of 16 hours over the day. Currently, the coin is continuing its downward spiral due to its weak performance during the last few days. In the last seven days, Monero [XMR] fell down almost 22% in its price and has plunged close to 60% in the last one month.

XMR/USD

The MACD indicates that the token is on a downward trajectory and is currently trading in the bearish territory. The 100 EMA line, at the time of writing, shows that the digital currency is exhibiting a downtrend. The virtual asset is trading below the key support level, which can be traced at $45.53.

At present, the hourly RSI indicator is marked at 27.3, which implies that the token has sunk below the oversold level due to excessive dominance of the sellers in the market. The total market value of the virtual asset stands at $17 billion, according to CoinMarketCap. The token has tumbled nearly 11.59% against the U.S. dollar to currently trade at $44.82.

Monero

Monero [XMR] price chart

XMR/BTC 

At press time, the coin has dipped almost 2.87% against Bitcoin [BTC] with one XMR is valued at around 0.0130994 BTC.

Monero [XMR] Latest Updates

The U.S govt is getting increasingly skeptical about privacy-centric coins. A pre-solicitation document published by the Department of Homeland Security’s Small Business Innovation Research Program (SBIR) said that the U.S govt is looking into ways to utilize blockchain forensic analytics to track cryptocurrencies like Monero and ZCash.  These cryptocurrencies are known to be used by for terrorist operations and also has multiple instances of crypto jacking associated with it. Monero has had an increase in cryptojacking instances. Recently, McAfee Labs found a new Russian Monero cryptojacking malware, Webcobra which was used to mine Monero from the user’s computers. Monero is reported to be a preferred target fro cryptojackers.

The privacy centric crypto Monero [XMR] has been added to cryptocurrency ATMs in Switzerland by the crypto-broker Bity. The crypto will certainly get a major boost with this ease of access implementation. The ATM permits buying Bitcoin [BTC], Ethereum [ETH], Monero [XMR] with the following fiats, Swiss Francs [CHF] or Euro [EUR], with a buy/sell volume of 5,000 CHF. Users can withdraw their fiat from any ATM within the Bity network, irrespective of where the original transaction commenced.

See also:

Monero [XMR] available on cryptocurrency ATMs in Switzerland

US govt to build forensic tools to track privacy-centric cryptos like Monero

Image via Shutterstock

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