Today the crypto market is looking both red and green with a lot of coins struggling to recover after the recent falls in prices.
The pair XMR/USD has been trading in a really narrow range between $56 and $52.
Monero sees consolidation
At the moment of writing this article, the privacy-oriented coin is trading in the green and the digital asset is priced at $53.24.
According to the online publication FX Street, “The 20-day Simple Moving Average (SMA 20) acts as the immediate market resistance, while the 20-day Bollinger Band has narrowed, indicating decreasing price volatility.”
They also mention that “The Elliott Oscillator has had a red session following seven straight green sessions. The Moving Average Convergence/Divergence (MACD) indicates decreasing bullish momentum.”
The price rise seems to be slowing down, and we’re seeing consolidation, according to expert analysts.
You should check out their complete analysis in the original article.
Monero in the news
Other than this, despite the huge market volatility from 2019, there have been a lot of crypto enthusiasts who found that XMR is a viable choice for investment.
Interest in Monero has been on the rise this year, and this is definitely due to the project’s high level of privacy and anonymity.
More than that, you probably already know that Monero went through an upgrade recently.
It’s definitely worth noting that Monero’s hash rate increased by 186% in recent days after the team released the upgrade with the new mining algorithm RandomX.
The new rules are beneficial because they increase the network’s decentralization.
Despite the market volatility, there have been a lot of optimistic price-related predictions involving Bitcoin but also the other digital assets as well.
Even if the year comes to an end without massive price movements (so far), there have been a lot of great achievements that have taken place into the crypto industry and mainstream adoption of digital assets is also getting closer with a lot of significant moves in this direction.
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