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Monero [XMR/USD] Technical Analysis: Bears likely to take control of the market

Priyamvada Singh

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Monero [XMR/USD] Technical Analysis: Bears likely to take control of the market
Source: Pixabay

With the cryptocurrency market is witnessing a bear-run at the moment, Monero [XMR] is no different from a lot of the top-tier coins as it has also gone into a slump. At press time, XMR was trading at $110.52, with a market cap of $1.82 billion. The total 24-hour trading volume was $13.2 million with a market cap of $1.82 billion. The total 24-hour trading volume was $13.2 million with a drop of 1.57% in the trading price.

1-hour:

XMRUSD 1-hour candlesticks | Source: tradingview

XMRUSD 1-hour candlesticks | Source: tradingview

The one-hour graph of the token showcases an uptrend for the cryptocurrency. The uptrend is ranging from $106.19 to $110.31, whereas there are two resistance levels set at $113.78 and $114.25. However, these resistance points were broken by a more immediate resistance fixed at $114.31. A clear ascending triangle can be observed in the given chart.

The Awesome Oscilat0r has turned green after flashing red on a short streak. Therefore, the indicator is predicting a bearish run for Monero.

The Chaikin Money Flow is taking a flight above the 0-mark to side with the bull. The indicator is positive on the upcoming XMR price trend.

The MACD has made a bullish crossover as well but is now joining with the signal to give a neutral outlook on the subject.

1-day:

XMRUSD 1-day candlesticks | Source: tradingview

XMRUSD 1-day candlesticks | Source: tradingview

In the one-day time frame, the downtrend is ranging from $137.91 to $114.47 whereas the uptrend is stretching from $84.18 to $101.77. However, a breakout in the trend is not visible as of now.

The Parabolic SAR is bearish on the Monero market. The dots are dancing above the candlesticks, pressurizing the prices into a downward trend.

The RSI spiked to approach the overbought zone, but is now taking a downhill walk. However, the indicator is still in the bullish zone, making its way to the bear’s den.

The Klinger Oscillator has made a bullish crossover by the signal. It was moving up, similar to the RSI. The reading line is now traveling back to side with the bear.

Conclusion

In the technical analysis, it has been observed that almost all the indicators are suspecting a bearish haul for the coin. However, the Awesome Oscillator and Chaikin Money Flow are still rooting for a positive trend in the XMR market.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

News

Bitfinex LEO token comes out of nowhere to take the 13th spot on CMC with $1.8 billion in market cap

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Bitfinex LEO tokens comes out nowhere to take the 13th spot on CMC with $1.8 billion market cap
Source: Unsplash

It has been less than two months since the New York Attorney General’s Office slapped Bitfinex in the face with an accusation of “fraud,” over their $850 million undisclosed loss cover-up. Now, their “LEO” token curated to remedy the ordeal is officially up on the 13th spot on the biggest crypto-market aggregator, CoinMarketCap [CMC].

With a valuation of over $1.8 billion, LEO officially referred to as “UNUS SED LEO,” was placed higher than the likes of Monero [XMR], Dash [DASH], IOTA [MIOTA], and Ethereum Classic [ETC]. While the entire crypto-space was still mulling the prospects of Facebook’s Project Libra, LEO came out of nowhere and climbed the coin ladder.

Paolo Ardoino, CTO at Bitfinex, hailed the quick-climb of LEO as “not a bad start.” He tweeted,

Source: Twitter

Shades of the Bitcoin SV [BSV] price climb were revisited when the cryptocurrency shot up to the 8th spot on the ladder, less than a month after forking from Bitcoin Cash [BCH] in December 2018.

Bitfinex released the LEO whitepaper on May 8 and stated that the price of LEO tokens would be 1 USDT, but later clarified that “other forms of consideration” and “USDt equivalents” would also be accepted. In the whitepaper, the utility of LEO was spelled out as,

“LEO will be the utility token at the heart of the iFinex ecosystem. Token holders will experience benefits across the entire portfolio and are expected to obtain benefits from future projects, products, and services, whether or not detailed within this white paper.”

The exchange stated that the main objective of the proceeds generated via the LEO token sale will be towards replenishing the working capital of the exchange and to pay for any general business expenses. The whitepaper highlighted that LEO tokens can be used to redeem fee reduction on either Bitfinex or EthFinex.

Further, with the larger community viewing the LEO issuance as a ‘scapegoat tactic’ to remain in the vicious Bitfinex-iFinex-Tether circle, the exchange clarified its stance on the repurchasing and burning of tokens. Bitfinex will buy back the tokens on a monthly basis for a price, “equal to a minimum of 27% of the consolidated gross revenues of iFinex,” based on previous month’s calculations. This will carry on until no tokens are in public circulation.

At press time, the circulating supply was exactly LEO 1 billion, while the token was priced at $1.82. It was experiencing a 5.1 percent decline against the US Dollar over 24 hours.





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