- LocalMonero has closed after its seven years of operation due to regulatory attacks.
- The trading activity in the Monero crypto has declined in the last 24 hours.
Monero is a private, untraceable cryptocurrency utilizing ring signatures and stealth addresses for privacy.
Created in 2014 by a group led by “thankfulfortoday,” it’s based on cryptographically secure technology, offering fast, secure transfers.
LocalMonero, a P2P trading platform for Monero, abruptly ceased operations due to undisclosed internal and external factors, citing hostility towards privacy-centric services.
New signups and trading will halt on May 7 and May 14, respectively, with the site shutting down on November 7. Users are urged to withdraw funds.
The market cap of the Monero crypto has advanced by 2.05% while the traded volume for the crypto has declined by 15.6%.
The decline in the volume of crypto shows that traders are staying away from it. Also, the interest of the traders might be declining.
This further has led to a lower liquidity of 1.48% in the crypto. Moreover, Monero is the 47th largest cryptocurrency in the global crypto market. The price volatility of the crypto is medium, resulting in 4.11%.
Derivatives Also Witnessing Decline In Trader’s Activity
The Coinglass liquidation chart of Monero crypto has shown a decline in trading activity in recent days. This indicates that a minimal volume has been traded in the crypto for the last few days.
The derivatives traded volume for the Monero crypto has witnessed a decline of 10.6%, while the open interest has advanced by 11.6% over the last 24 hours from the time of writing.
Also, the long liquidation recorded for the crypto is worth $11.19K, against which the short liquidation is just $15.63K.
Thus, the derivatives data of the Monero is neutral and has not witnessed any significant activity for the last few days.
Why Does XMR Crypto Need To Advance To Much Higher Levels?
XMR crypto price is taking support at a dynamic trendline on the daily timeframe chart.
After being rejected from the dynamic trendline for the third time, the XMR crypto price has advanced by 14%.
Unless the crypto price breaks below the dynamic trendline, there is hope for a change in the trend to bullish crypto prices.
Moreover, if the crypto price breaks above the level of $154.0 and sustains above the same, it will lead to a change in character(CHOCH) to a bullish crypto price, further resulting in a bullish structure.
XMR/USD Chart by TradingView
As the XMR crypto price has been declining for a long time, the technical indicators are giving a sell signal on the daily chart.
The crypto price is trading above the 50-day EMA but has declined below the 200-day EMA. This is a bearish sign for the crypto price and shows bears dominance.
Moreover, the crypto price is trading above the smaller EMAs, valuing up to 50, while the price is trading below the larger EMAs line 100 and the 200-day EMA.
Despite this, most crypto oscillators are neutral and do not certify any trend in the crypto price.
Summary
The shutdown of LocalMonero hasn’t significantly impacted Monero‘s price, which remains stable with a slight increase in market cap.
However, trading activity has declined, indicating waning trader interest, and derivatives data shows neutrality.
XMR’s price struggles to break dynamic trendlines, signaling uncertainty, while technicals suggest a bearish trend, although oscillators remain neutral.
Moreover, on the lower side, support levels of $100.0 and $116.0 are situated where the crypto price might witness some buying.
Also, the resistance for the higher level is at $151.0, where a crucial swing high is situated, followed by the next resistance, which might occur at $178.00.
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.