Meanwhile, according to popular analyst Ali Martinez, the Monero price is testing a resistance wall that has never been broken since 2018. A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move. Bitcoin (BTC) price steadies near $92,000 at the time of writing on Thursday, holding firmly above the key psychological level of $90,000 — a zone that could support a short-term recovery if preserved.
Monero Price Signals a Bullish Breakout Above the Rising Channel
Despite the declining demand in the derivatives market, the spot trading volume of Monero has held above $200 million since Sunday. This indicates a steady interest in the spot market as the riskier derivatives segment suffers capital withdrawal. Monero has experienced a pullback in retail interest so far this week, following last week’s surge in demand for privacy coins. CoinGlass data shows the XMR futures Open Interest (OI) is at $72.53 million, down from $97.98 million on Monday. The downward slope in XMR futures OI indicates a loss of risk appetite among traders, who are adopting a wait-and-see approach.
Monero to USD Chart
TEE technology provides a secure area within a processor, ensuring that code and data loaded inside are protected with respect to confidentiality and integrity. End-to-end encryption ensures that communication between parties remains confidential, safeguarding transaction details from potential eavesdroppers. The cryptocurrency also boasts a lightning-fast transaction speed coupled with zero transaction fees, making it an attractive option for users seeking efficiency and cost-effectiveness in their transactions. MoneroV emerges as a privacy-centric digital currency, branching off from the well-established Monero blockchain.
- Kelvin Munene is a crypto and finance journalist with over 5 years of experience in market analysis and expert commentary.
- The latest XMR price breakout began in Asian hours on Tuesday when XMR punched through the $337-$346 congestion zone that had capped rallies since June.
- The chart is showing the Monero price soaring toward the upper boundary of the rising channel, around $420.
- Meanwhile, according to popular analyst Ali Martinez, the Monero price is testing a resistance wall that has never been broken since 2018.
- This rise indicates a surge in speculative activity and reflects growing confidence among traders that the current upward momentum will continue.
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Meanwhile, its position above 50 indicates that the buyers are having the upper hand, tilting the odds in favour of the bulls. Bitcoin (BTC) market structure continues to deteriorate as the capitulation phase begins to take shape, with BTC sliding below $97,000 on Friday and extending losses to more than 7% so far this week. Still, the Moving Average Convergence Divergence (MACD) struggles to keep an uptrend above the signal line, risking a crossover.
With privacy coins back in the limelight and Monero having survived bearish scenarios before, it looks like the current momentum allows bulls to aim for the ATH and beyond. Buyers stepped in aggressively at the 50-day EMA above $302 on Oct. 21, turning what looked like a retest into a key support level. The latest XMR price breakout began in Asian hours on Tuesday when XMR punched through the $337-$346 congestion zone that had capped rallies since June. As top cryptocurrencies struggle amid widespread sell-off, Monero (XMR) is among coins seeing a decent uptick. In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
Complete cryptocurrency market coverage with live coin prices, charts and crypto market cap featuring coins on 964 exchanges. As an investment, MoneroV presents opportunities for those interested in the cryptocurrency market. The finite supply suggests that it could hold or increase its value over time, making it an attractive option for long-term holdings. Furthermore, the ability to stake MoneroV offers a way to earn passive income, rewarding users who participate in the network’s security and operation. Short interest in Monero futures is currently at $1.9 million, with funding rates hitting a peak for the month. These factors suggest that traders are anticipating further gains in Monero’s price, particularly as the market reacts to the success of privacy coins like Zcash.
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These collaborations are crucial for MoneroV as they facilitate wider adoption and integration of its technology in various applications and services. By partnering with other entities, MoneroV aims to enhance its utility and accessibility, making it more appealing for everyday use. In summary, MoneroV’s security is a comprehensive system that combines decentralized infrastructure, advanced cryptographic technologies, and personal security practices. Security is further reinforced through the implementation of a strict punitive Proof of Stake (PoS) consensus mechanism and Trusted Execution Environment (TEE) technology. The PoS mechanism discourages malicious activities by requiring validators to hold and stake the cryptocurrency, aligning their interests with the network’s security and integrity.
Depending on your country or state of residence, your investment may not be eligible for investor protection, hence it is advisable to conduct thorough research independently or seek appropriate guidance. While this website is accessible to you free of charge, please note that we may receive commissions from the companies featured on this site. The XMR/USDT chart shows the token’s price action trading above the 50-day and 200-day Simple Moving Average (SMA) at $337 and $314, respectively. These moving averages are also trending upward, signaling a bullish tone as Monera price hovers within a rising channel.
After breaking through the $428 resistance level, the coin soared to $470, which represents a 365% increase from its 2024 low. This movement follows the trend reversal from the previous bearish phase, which had been characterized by a double-top pattern. The breakout suggests a strong buying interest in the token, with market participants showing confidence in its future price action. CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage.
- Zcash’s 11.53% price jump in just 24 hours played a critical role in shifting attention to privacy-focused cryptocurrencies.
- Security is further reinforced through the implementation of a strict punitive Proof of Stake (PoS) consensus mechanism and Trusted Execution Environment (TEE) technology.
- Investment activities involve speculation and entail inherent risks to your capital.
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Due to its privacy features, Monero has been delisted from some exchanges, limiting its exposure. However, the success of Zcash may encourage exchanges to reconsider the status of privacy coins in the future. If Monero is reintroduced to larger platforms, it could see even more significant gains.
You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services. However, analysts say crypto could see some choppy trading in the coming months.
Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated. Another prominent trader, TheCryptoDog, highlighted that low liquidity amplifies price movements, explaining that modest buying pressure can generate substantial rallies. Decentralized exchange trading volume for XMR has increased markedly, suggesting organic demand independent of centralized platforms.
RSI and Moving Averages Indicate Neutral-to-Bullish Momentum
Meanwhile, Ethereum and Ripple are holding key support levels at $3,000 and $2.00, respectively, which signals potential seller exhaustion. Fartcoin extends its recovery for the third consecutive day, posting 12% gains by press time on Thursday. A 30% spike in Fartcoin futures Open Interest and heightened funding rates reflect elevated retail demand in the derivatives market. The general outlook remains bearish despite a knee-jerk recovery from $130, which marked the previous day’s low. The fact that Monero has been steadily growing its price in a highly volatile marketplace, compared to other privacy coins, places it in an ongoing optimistic and attentive position with investors. The recent 14.47% increase in trading volume was a major indicator of high buying pressure, which proves that the price increase is supported by actual market participation and not just a short-term shot.
As per the rising OI, the OI-weighted funding rate has turned positive at 0.0105% following a sharp negative change the previous day. Further, the traders are now betting on the Monero price to surge, which may cause a recovery. On the other hand, Monero still holds the retail appetite since the privacy coins are doing better than the market. The CoinGlass data shows that the Open Interest (OI), which is the notional value of all open futures contracts, is currently XMR futures at 88.83 million. This means that the traders have a positive mood and are hopeful of recovery. Bitcoin is seeking stability above $92,000 at the time of writing on Thursday.
They had suggested “controversial changes” to Bytecoin that others in the community disagreed with and decided to take matters into their own hands. Before engaging in crypto trading, please consult with a financial advisor to ensure it aligns with your financial goals and monerov price risk tolerance. Market depth is a metric, which is showing the real liquidity of the markets. Due to rampant wash-trading and fake activity – volume currently isn’t the most reliable indicator in the crypto space.