Monero [XMR] in downtrend amid market recovery: Technical Analysis
The cryptocurrency market on Saturday has opened with a merrier note with Monero [XMR] and other altcoins attempting to recover. Despite, the digital asset trading in green, but it is currently moving in a downward trajectory. It seems that the coin is likely to dip in bearish zone soon. However, the spiralling up of the Bitcoin [BTC] price over the day has impacted the performance of all the digital currencies in the market including that of the 13th most valuable virtual asset in terms of market cap. At a time when the market was down, Monero [XMR] dipped nearly 4% in the last seven days and the coin plunged almost 24% in a span of a month.
The cryptocurrency is quite away from breaking out from the key resistance level, which can be traced at $52. At the time of writing, the hourly RSI indicator is noted at 44.1, which implies that the digital currency is facing comparatively higher selling pressure in the market.
The MACD indicates that though the current performance of the digital asset is going down, however, it has still managed to remain in the bullish territory. The 100 EMA line shows that the coin is exhibiting a downtrend. According to the data from CoinMarketCap, the overall market cap of the virtual asset stands at $811.17 million. The token has moved up about 3.24% against the U.S. dollar to be currently valued at $48.55.
The cryptocurrency has inched down around 3.33% against Bitcoin [BTC] with one XMR worth nearly 0.0123808 BTC.
XMR [XMR] Latest Updates
- The Monero project is going to adopt a new supply program called the ‘Tail Emission’. According to an earlier announcement by the project, the miners will obtain a consistent mining reward of 0.6 XMR per block that would likely maintain the overall security and integrity of Monero blockchain. The working of Monero project is very much similar to that of the Bitcoin and it reduces the supply of its XMR tokens that are being thrown into circulation through mining. Monero’s ‘Tail Emission’ program is a bit different from that of the Bitcoin. According to the report, by 2040, nearly 99.8 percent of the total Bitcoin would be mined and this would leave with only 0.2% which will be mined over the next 100 years.
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