XMRPERP trade ideas
XMR Price Is All Set To Break Above $500XMR Price traded at $326 with a gain of 5% in the last 24-hour and 16% up in the weekly time-frame. Furthermore, XMR bounced back from the support of $288. In contrast, the market capitalization stands at $5.79 billion. Technically, investors can perceive a positive crossover in the EMA, and the price is above all the EMA. RSI index showcases an upward slope. Moreover, the price movement can be towards the TP- 1 of $500 in future trading sessions.
TP- 1: $500
Support: $288
Monero: Movin' Lower?To stay up-to-date with the latest market developments, be sure to subscribe to Kraken Intelligence at kraken.com
What Is Monero (XMRUSD)?
Monero (XMR) was among the first cryptoassets to feature cryptography that offered real advances in privacy and fungibility over available alternatives. Its key differentiator was its ability to allow users to send and receive transactions without making this data available to anyone examining its blockchain.
As such, Monero is often classed with other privacy cryptocurrencies such as Zcash that have sought to address privacy weaknesses in Bitcoin. This, in turn, enables bitcoins to be traced, making them less fungible, as companies are able to identify and blacklist coins involved in suspected criminal enterprise, as an example.
Monero’s origins are more comparable to Bitcoin’s, involving a small online tech community that grew quietly over time as the project gained credibility and market share. Monero’s software is programmed to update every six months, a regular schedule that has helped it more aggressively add new features without much controversy. This has meant that Monero has been able to continue to introduce cryptographic advances like stealth addresses (which allow users to create one-time addresses) and ring confidential transactions (which hide transaction amounts).
XMR Statistics:
Market Capitalization: $5.8B
CryptoAsset Rank: #25
24-Hour Return: +2.5%
7-Day Return: +20%
From All-Time High: -34%
Technical Setup:
When looking at the XMR 1D chart, we'll see that XMR is clearly in a broadening ascending wedge. As a matter of fact, XMR just tested the wedge's resistance for the 5th time in the past 6 months or so.
With XMR having failed to punch through the wedge's resistance, one could expect history to repeat and XMR trend back down to its 50D SMA (currently $237) in the forthcoming days/weeks.
Note that every time XMR tests the wedge's resistance, XMR mean reverts back down to or through its 50D SMA.
This mean reversion lower would be congruent with XMR's valuation relative to BTC trending lower after failing to punch through 0.00575 BTC resistance for a second time in a row. Double top, anyone?
Privacy is completely UNDERVALUED right now. MONERO to $22k!This is the first bullmarket where taxes will be heavily enforced. You can wonder where will the cornflow move to...! I'm betting it will go PRIVATE.
ZK-SNARKS are good too but MONERO will be the KING
Monero, XMR decision timeMonero is at long term resistance which has been in place for over three years at $299.00. This is the last hurdle before new all time highs. If it can break this area convincingly it will go over $500.
MONERO to $100KPrivacy is totally undervalued in todays market. Monero is tried and proven and worth of an adequate valuation. Specially over projects with dubios fundamentals like mobilecoin - what i consider to be a shitcoin.
XMR / Monero 2021 Cycle Correlating to Bitcoin 2017 CycleKRAKEN:XMRUSD
Today we will be exploring the correlations between the 2017 Bitcoin market cycle and the current Monero market cycle.
Below is a chart showing the Fibonacci retracement from the previous Bitcoin market cycle top to the 2017 market cycle top. It is important to note here that up to the Fibonacci 0.236 level is the accumulation zone for the Bitcoin 2017 market cycle.
For both Bitcoins 2017 market cycle and Monero's current cycle we see an accumulation at the 0.236 before breaking out into the bull market. If Monero follows the same trend as the 2017 Bitcoin cycle we will see a market cycle top at the 23 Fibonacci level. The posted fractal overlay on the posted chart shows the continuation of Monero's cycle past 0.618 Fibonacci level if it continues to correlate with Bitcoins 2017 cycle.
XMRUSD MoneroMonero is working on its way up to catch up with a previous ATH. Current ascending bull flag and overall uptrend proves that it will get there without difficulties. Possible cup and handle formation in the future. After that off we go.
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.
PATIENCE EQUALS PROFITSMind set is everything. Trusting your mark ups will play a major roll in the ability to be able to hold your trade for a period of time. This was a four day trade. Despite some pull back, I trusted my mark ups and the market gave me just what i wanted.
Pivot stop out of highs is nice exitEXIT Conditions ( termination conditions)
went flat XMR on a double top pivot stop out of the yearly high and subsequent reversal.
When i teach day traders to look for reversals this is one of the key pattern.
Monero, some thoughtsJust an idea, my personal opinion
Are we approaching a new steeper Uptrend Channel on XMR? ;)
If so, follow the arrows!
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***ALL MENTIONED IDEAS ARE MY OWN OPINION AND ARE NOT A TRADIGN ADVICE***
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