The market has been really volatile these days, and most coins suffered a strong correction after surging and giving hopes to investors.
Monero, for instance, has reportedly been trapped in a range accumulation for more than a year now.
Since back in August 2018, the privacy-oriented coin has been range trading in a pretty wide range, according to CCN: between $40 and $120 with a midpoint at $80.
The online publication notes that “The length of time spent in this range tells us that the privacy coin has entered a period of accumulation.”
You may recall that back in June, XMR attempted to take out resistance of $120, but the market was already in overbought territory as CCN notes. In other words, this triggered a rejection from the bears.
Optimistic predictions about the price of XMR
The online publication is pretty optimistic and says that the good news is that XMR managed to stay above the range midpoint of $80.
This is pretty bullish because it shows that buyers are not waiting for the crypto to plunge to the range support. This also allows bulls to establish a higher low setup.
The online publication also brings up Nik Patel who tweeted the following:
Head over to CCN’s original article to check out more important indicators for the bullish XMR-related predictions.
At the moment of writing this article, XMR is trading in the red and the most important coin in the market is priced at $80.29.
Monero mining malware
XMR was in the spotlight not too long ago, after reports coming from Cryptovest claim that the Varonis Security Research has recently discovered a new strain of mining malware that’s able to disguise the mining for Monero on consumer electronics or networks.