Monero (XMRUSD) – Coin of the WeekMonero was introduced in 2014 with a single goal: to enable transactions to be conducted privately and anonymously. Even though it's a common misconception that BTC may hide a person's identity, since blockchains are transparent, it's always simple to track transfers back to their original source. XMR, on the other hand, is designed to hide both senders and receivers using sophisticated cryptography.
Technically, XMR broke the resistance area at $288 USD and is making new highs with a diverging RSI, sign that tells us that a bigger correction is imminent. For this pair we have 2 working scenarios: one is a consolidation in this area marked with the blue arrow on the chart and the second one a bigger down move that could reach the minor support, the blue trendline or the major support. We advise caution.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
