The crypto market is getting more and more excited this year.
The bulls are back in the crypto space after a bearish 2018 which saw BTC lose about 85% of its value that the coin managed to hit back in 2017 when it reached nearly $20k.
Besides the fact that the bulls are back, we’re also heading with quick steps towards the mainstream adoption of crypto, and this has been highlighted by a lot of moves that have been taking place in the crypto space.
At the moment, the market is going through a correction after BTC managed to surpass the $8,000 level these days.
Cryptoslate debates whether the privacy coins are better compared to BTC and addressed more coins – Monero is one of them.
The online publication mentioned above notes that from April 3rd to May 10th, XMR went through a co0nsolidation period.
They report that during that time span, XMR was trading within a series of support and resistance levels between $73 and $62.
Cryptoslate writes, “After XMR broke out of that range, it went up to the next resistance point sitting at $78.6 which became support once it was breached. Then, it went up another 20 percent to try to break above the $94 resistance point, but it failed to do so and retraced to the $78.6 support level.”
Regarding the subject of Monero, they conclude by saying that a rebound could be expected but they also say that the privacy coin is probably not able to gain enough bullish momentum to bounce off.
Positive XMR-related predictions
Other predictions that we’ve addressed earlier were stating that XMR could hit $100 by the end of this month.