Important crypto voices have been expecting Bitcoin (BTC) to hit resistance at $4,000 and then fall back again in a pattern that would repeat itself a lot this year.
Things were looking quite bullish, and BTC broke resistance, and it seems to have settled at the 200 moving average level at about $4,200.
This significant move in the crypto market pulled all the other altcoins as well up to a brand new 2019 high in terms of market cap.
Monero (XMR) was also trading in the green, and the privacy-oriented coin was priced at $56.34, and it was up by more than 8% at this time, yesterday.
This could not come in a better timing considering that the token has been involved in all kinds of malicious attacks lately and its reputation has been hurt.
Now, the coin seems to be down by over 11% as you can see on CoinMarketCap.
XMR long-term outlook
Bitcoinexchangeguide reports that XMR long-term outlook is in a bullish trend.
“The strong bullish pressure started with an engulfing candle on 18th February, broke the two EMAs and pushed the cryptocurrency up at $54.29 in the supply area on 19th February but closed as an inverted hammer an indication of the bears gradual returned,” the publication writes.
The past week ended on a bullish note, and we’ll have to see what happens next. Now might be a good time to buy XMR.
Monero has been recently in the spotlight again after XMR has been mined again. This time a huge name was involved: Microsoft.
A new report coming from Symantec revealed that eight cryptojacking apps had been removed from the Microsoft Store after they have been detected as being malicious back in January.
It seems that the apps might have been developed by the same bad actor.