- The price of the XMR crypto has advanced by 62535% from its all-time low price.
- The price of the Monero crypto has a medium volatility of 4.31%.
Monero is a secure, private cryptocurrency utilizing ring signatures and stealth addresses for anonymity. It serves as a medium of exchange for fast, secure transfers and is accepted by merchants.
Created in 2014 by a group led by “thankfulfortoday”, it enhances privacy and security through modifications to Bytecoin’s code.
Advances in the engagement of traders in Monero crypto are seen as the trading volume of the crypto, which has advanced by 20% in the last 24 hours from the time of writing.
Following the surge in the trading volume, the crypto market cap has advanced by 5.7% in 24 hours. The following rise in the market cap further results in a value of $2.45B.
Monero has a good presence in the crypto market with a market cap dominance of 0.10%. Also, Monero is a top 50 crypto, and its current market cap ranking is #48.
The crypto’s liquidity can be considered medium as 2.83% of the market cap of the crypto is traded as volume in 24 hours. This has resulted in a traded value of $69.048M of crypto at press time.
Monero crypto has an infinite supply, and at press time, 18.432M XMR is circulating in the crypto market. This further results in a fully diluted market cap of $2.452B.
Coincodex is showing low supply inflation in Monero, while the sentiment opposes the technicals of the crypto, which is showing bearishness. The fear and greed index indicates greed among investors.
Higher Short Liquidations: What’s The Overall Derivatives Picture?
The derivatives trading volume is opposing the spot change in volume. While there is a surge in the spot trading volume, the derivatives volume for the crypto has declined by 12.9% in 24 hours from the time of writing.
Despite the decline in the trading volume, the open interest has witnessed a surge of 9.7%, which has resulted in a value of $11.31M.
Also, the recorded long liquidation for the crypto is worth $1.85K, against which the short liquidation of the Moner is higher, resulting in $19.70K. This is a positive sign for bulls and investors.
What Does Price Volatility And Weighted Sentiment Have For Monero?
The price volatility of Monero is very low, which is supported by the Santiment data, which shows a lesser probability of uncertain moves in the crypto price.
The weighted sentiment of the Monero crypto has been static for a long time, and there is no significant change. This shows the lack of social dominance and sentiment in crypto.
XMR Crypto Technical Analysis
XMR crypto consistently faced resistance from a dynamic resistance line, resulting in a descending triangle pattern.
The price of the XMR crypto further broke out above the triangle pattern recently with good volume and momentum. This shows the breakout’s reliability and that the trend might sustain and lead to higher levels.
XMR/USD Chart by TradingView
The EMAs on the daily chart of the XMR crypto show weakness in price as the 50 and the 200-day EMAs are trading in a death cross. Despite this, the price has broken above the 50 EMA, showing uncertainty in the crypto price.
The MACD factors are advancing to higher levels and approaching positive territory. If the price continues to advance, a bullish signal can be seen in the future.
The RSI has broken above the 50 level and is trading at 57.5. It further has broken above the 14-day SMA.
Summary
Monero exhibits a strong breakout, breaching a descending triangle pattern with notable volume and momentum.
Despite technical weakness, such as a death cross in EMAs, bullish signs emerge as MACD approaches positive territory and RSI surpasses 50. However, uncertain sentiment persists, with low price volatility indicating stability.
Technical Levels:
- Support levels: $100.0 and $110.0
- Resistance levels: $150.00 and $180.00
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.