Monero in High Buy Mode As XMR is Listed in Cobinhood
Monero is in good standing as the coin continues to enjoy goodwill despite the pugnacity that usually results from regulatory concerns over the privacy nature of Monero. This week, the coin is having a high buy demand and this will likely continue with certain fundamental factors favoring the uptrend.
One of these is the listing of the coin by Cobinhood which has been scheduled for September 21. Another is the release of the Bulletproof protocol by the developers.
Although Monero is not known to court headlines, these factors are no doubt contributory to the present outlook of the coin.
Monero Price Analysis
Monero (XMR) earlier saw a low of $103 two days ago before the present rebound which has seen the coin make 15 percent gain trading at $120. The XMR/USD pair was able to exceed the $120 mark which the buyers seem to be defending although with the recent happenings, it is likely we would see higher market price for XMR.
The successful defense of the 50 day SMA is instrumental to the current market situation with a break in the trendline showing prospect of a rally even though there has been a minor resistance at $122. It is expected that the build up could have XMR target the $140 in the next weeks or earlier.
The RSI is in a positive territory as the 20 day EMA moves up while 50-day flattened. Monero following the path of weak resistance moves upwards.
FxWire reported that “the near term resistance is around $123 and any break above targets $128/$142/ $151.95. On the lower side, near term support is around $112 and any close below targets $103/$96/$76.”
The market is in a good buy position and traders are taking advantage of the opening as the buying pressure builds up.
XMR/USD Price Chart, Sunday September 23rd:
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