- XMR/USD retreats from intraday high but stays on a green territory.
- The strong support is created on approach to $73.00.
Monero (XMR) is in the green zone, gaining over 2.5% of its value in recent 24 hours. Monero, now the 10th largest digital asset with the current market value of $1.3 billion is changing hands at $75.70 at the time of writing, off the intraday high registered at $76.26.
Monero’s technical picture
On the intraday basis, XMR/USD retreated from the recent high reached at $76.26 and settled below $76.00 handle. Initial support comes at $74.00. It is strengthened by SMA50 (Simple Moving Average) 1-hour. It is followed by the lower line of the 1-hour Bollinger Band at $73.60. However, the critical area awaits XMR on approach to $71.00 with SMA200 and the lower line of 1-hour Bollinger Band located on approach. Once it is out of the way, the downside is likely to gain traction with the next focus on $70.00
On the downside, a strong resistance awaits the coin on approach to the recent high of $76.26, followed by SMA100 and the middle line of 4-hour Bollinger Band. We will need to see a sustainable move above this area for the upside to gain traction with the next focus on $80.00
XRP/USD, 1-hour chart
OKEx Korea Delists Monero, Dash, Privacy-Cryptos Over FATF Demands
The South Korean arm of cryptocurrency exchange OKEx is removing support for five major altcoins due to new international regulations.
FATF rules halt privacy coins trading
In a blog post originally published on Sept. 10, OKEx Korea confirmed it would halt trading of Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on Oct. 10.
The reason, said the exchange, is that as since they are focused on privacy, the coins fall foul of new guidelines set out by the intergovernmental body the Financial Action Task Force, or FATF.
“Support for trading of 5 different cryptocurrencies, XMR, DASH, ZEC, ZEN, SBTC, will be terminated,” the blog post reads.
As Cointelegraph reported, the sweeping changes to crypto transaction rules demand businesses to identify the two parties sending funds to each other if a transaction is worth more than around $1,000.
More exchanges could follow
More than 200 countries should theoretically implement the rules by June 2020, despite concerns that doing so is physically impossible for many decentralized blockchains.
The five cryptocurrencies outlined by OKEx all make it all but impossible to identify the sender and recipient of a transaction by design.
An OKEx representative told Cointelegraph that the coins will be delisted only on OKEx.co.kr. But they will remain listed on the global OKEx platform.
Monero price analysis: XMR/USD ripe for more declines
- Monero leads the major cryptocurrencies in declines after shedding at least 3% in the Asian session on Thursday.
- Monero is pressing down after filing to clear $74 level resistance; downtrend is likely to test $70.00 support.
- Technical indicators are currently adjusting to the reversal motion hinting that more declines will dominance the coming sessions.
The bear action is in full swing mode at least for Monero. With declines rising as high as 3% during the Asian trading session on Thursday, XMR is the leader among the biggest losers. After opening the session at $74.2199, the bears thrust Monero further down to lows around $71.97. The high formed at $74.44 immediately after the opening session is now in the rearview as the crypto seeks to explore more of the downside.
Looking at the 4-hour chart, Monero managed to force a reversal on finding balance at the main trendline support. The recovery stepped past the resistance at $74 but failed to test the simple moving average resistances. The SMA 100 is hindering growth at $75.032 while SMA 200 is standing in the way at $75.31. The ongoing reversal broke below another intermediate trendline (dotted) and is likely to retest $70 if the downtrend continues.
Technical indicators are currently adjusting to the reversal motion. The Relative Strength Index (RSI) is heading south after breaking the ascending pattern. At the same time, the Moving Average Convergence Divergence (MACD) has been barred from accessing the positive region even though it has forged a recovery from -0.8351. The growing bearish divergence is a key signal for the rising selling influence.
XMR/USD 1-hour chart
Monero Price Drools at a Lower Level; Intraday Trading Seems Boring
- Monero (XMR) deals with the bear.
- The traders might experience a similar day as yesterday.
Monero (XMR) price is suffering on the intraday market. The price of the coin is falling from a couple of days. However, the coin was seen touching new highs on the last week. We are expecting a similar kind of improvement will take place in the coin again.
For now, the traders shouldn’t hold any hope from the coin in the intraday trading. The coin is speculated to end the day with a negative sign. Now, let’s take a look at the intraday chart.
Monero (XMR) Current Statistics:
The chart is taken from Trading View on September 10, 2019, at 09:42:48 UTC for price analysis.
Yesterday, the coin opened at $77. The price slipped from $77 to $75 by 2%. Later, it recovered by 2.30%. The price counter changed from $75 to $77. The coin started falling after touching $77. The day closed at $75 with regression of 2.49%. Today, the coin opened with an escalation of 1.35%. The price counter changed from $75 to $76. Later, it fell from $76 to $73 by 3.70%.
Summary of XMR to USD:
|Market cap||1,272,538,289 USD|
|24hr volume||69,611,210 USD|
|Circulating supply||17,200,905 XMR|
Monero Price Prediction and Conclusion:
Monero (XMR) price might seem suffering in the market, but the future holds flourishing return on investment. The investment in Monero wouldn’t go futile.
The long-term investment looks best for the Monero. The short term investment would be as productive as long term investment. The traders can dig in Monero with a high prospect in mind.