- 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
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 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.
Monero (XMR) Reflects Marginal Price Drop Since Yesterday
Monero price is dealing with the bear pressure. The movement of the XMR coin has booked a slight loss, but it is expected to increase soon. XMR coin had a flourishing week. The coin has been climbing in most of the days; hence, the selling pressure is expected. Talking about yesterday, Monero price touches a high at $79.55 and a low at $76.79. The volume marked on September 08, 2019 was $58,161,503. Let’s have a look at the intraday chart of Monero.
XMR to USD Price Chart:
The chart is taken from TradingView on 9th September 2019 at 09:19:41 UTC.
Looking at the above chart, Monero is reflecting a downward movement. XMR price changed counters from $78.365 to $79.309 by 1.22%. Later, Monero price fell from $79.309 to $76.442 by 3.62%. The coin kept dealing at a low price level. XMR coin closed at $76.994 with an intraday regression of 1.69%. Today, the Monero opened with fall to the tune of 2% as the coin touched $75.453 from $76.994.
Current Statistics of Monero:
- Monero price is trading at $76.480.
- ROI is marked at 2991.72%.
- The Market Cap is noted as $1,315,390,213.
- Circulating Supply is at 17,199,053 XMR.
- The 24hr volume is at $52,978,347.
Monero Price Prediction and Conclusion:
The current situation of the XMR coin might be disappointing, but the coin has given good return to investors in the past week. Monero has battled with the market trend and kept climbing up. We are speculative that it would happen with the coin again. Monero would once again come out of the fall and shine again.
In the coming days, the coin is expected to touch its major resistance level of $81.78 and on the downside, it will find support around $76.26. The long-term investment looks best for the coin. The same would bring huge profits for the traders.