Monero Live Price
- Market cap: $1,985,355,918 USD
- Total supply: /
- Circulating supply: 16,170,159 XMR
- Daily volume: $35,912,200 USD
XMR retesting previous levels
Monero has been pretty quiet in the past month or so. Privacy and anonymity were not a priority when it came to cryptocurrencies, as adoption and manipulation prevention was the biggest problem. However, Monero has managed to break the chains, and leave its “comfort zone”. For the past month, it was ranging between the support and resistance lines. But, they were moving downwards, and that was not good for the price of Monero. After two unsuccessful attempts, Monero has broken the resistance line upwards and got some momentum. Of course, a retracement has to come sooner or later, and we are expecting Monero to retest the line yet again, but from the other side. What will happen?
Monero Live Price Chart
Trading XMR/BTC In The Current Market
There are two possible scenarios. The first one is that XMR will bounce off of the line and go up in price, making it clear that the once ranging line that bound it to a price level is left behind. The other one is, of course, to break the line downwards and fall down in price. It will all depend on the Bitcoin price levels and movement. With everything being pegged to Bitcoin, we need to take everything into consideration, including the future movements of Bitcoin.
Cryptocurrencies are pegged to Bitcoin because it’s the entrance and the exit to the crypto world, meaning that everyone has to buy into Bitcoin before diversifying. When Bitcoin goes down, everything does. If Bitcoin goes up, so do other altcoins. When trading Bitcoin, trading should always be in the direction of the major trend. When trading altcoins, one should always trade after getting the confirmation given by the altcoin pattern, but with one thing on top of it. Bitcoin has to match in trend direction in order for the trade to be validated.