Monero [XMR] down after the market recovery: technical analysis

Monero [XMR] Technical analysis

Saturday's cryptocurrency market opened with a more delicate note with Monero [XMR] and other altcoins trying to recover. Despite, the exchange of digital resources in green, but is currently moving in a downward trajectory. It seems that the currency can soon plunge into the bearish zone. However, the Bitcoin spiral [BTC] the price during the day influenced the performance of all the digital currencies of the market, including that of the 13th most valuable virtual asset in terms of market capitalization. At a time when the market was falling, Monero [XMR] it has fallen by almost 4% in the last seven days and the currency has plummeted by almost 24% in a span of a month.

XMR / USD

The cryptocurrency is quite far from breaking the key resistance level, which can be traced back to $ 52. At the time of writing this document, the hourly RSI indicator is shown at 44.1, which implies that the digital currency is facing a relatively higher sales pressure on the market.

The MACD indicates that although the current trend in digital activity is decreasing, it still managed to remain in bullish territory. The 100 EMA line shows that the coin shows a downward trend. According to data from CoinMarketCap, the total market capitalization of virtual assets is $ 811.17 million. The token rose about 3.24% compared to the US dollar to be valued at the time $ 48.55.

Monero [XMR] price table

XMR / BTC

The cryptocurrency was reduced by about 3.33% compared to Bitcoin [BTC] with an XMR it is worth almost 0.0123808 BTC.

XMR [XMR] Latest updates

• The Monero project will adopt a new procurement program called "Tail Issue". According to a previous announcement of the project, miners will get a substantial mining remuneration of 0.6 XMR per block which will likely maintain the overall security and integrity of the Monero blockchain. The operation of the Monero project is very similar to that of Bitcoin and reduces the supply of its XMR tokens that are launched into circulation through mining. Monero & # 39; s & # 39;Issue of a queue& # 39; The program is slightly different from that of Bitcoin. According to the report, by 2040, almost 99.8 percent of the total Bitcoin would have been extracted and this would leave only 0.2% that will be extracted over the next 100 years.

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