Monero [XMR] moves in downward spiral amid market decline: Technical Analysis
The bears have bounced back again in the crypto territory to push the coins down which Monero [XMR] also could not resist, as well. Due to quite high selling pressure in the market, the 14th most valuable digital asset in terms of market cap is currently trading in red. The downward spiral of the XMR amid market collapse has forced the coin to trade with sluggish momentum. In the last seven days, Monero [XMR] has gone down almost 16% in value and has added close to 13.7% in the last one month.
The altcoin is trading far from breaking out its key resistance level, which is found at $55.4. The MACD, at press time, indicates that the cryptocurrency is trading in bearish territory. The 100 EMA line suggests that the coin is locked in a downtrend. The hourly RSI indicator, at the moment, is noted at 41.2, which clearly implies that the coin is facing high selling pressure in the market. Data from CoinMarketCap shows that its market cap of the virtual currency stands at $725.43 million. Currently, the altcoin has dropped 4.19% against the U.S. dollar to trade at $43.45.
The digital asset, at the time of writing, has edged down 1.83% against Bitcoin [BTC] and one XMR is worth around 0.0121504 BTC .
Monero [XMR] Latest Updates
Popular privacy coin, Monero [XMR], is known to be one of favourite cryptos among the cybercriminals. In fact, a recent research shows nearly $57 million worth XMR has been lost to illicit Monero mining. Not just that, now it’s hitting the headlines as not just cybercriminals even kidnappers are demanding Monero as ransom. Kidnappers demanded nine million euros [$10 million] in the crypto after abducting Anne-Elisabeth Falkevik Hagen, wife of one of the richest men in Norway, Tom Hagen. The amount the kidnappers asked for is around 1% of Monero’s entire marketcap, Reddit user, Joaeahina pointed out.
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