Privacy Coin Monero [XMR] Increases 50% in One Week

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Since the start of last week, privacy-coin Monero has increased approximately 50% moving from near 2018 lows at $90 to a high of $140 today. The coin has been undergoing a prolonged downward spiral for most of 2018 in line with the rest of the Altcoin market. As some renewed optimism has recently entered the altcoin market, we have seen the price action in Monero execute consecutive bull flag patterns. Today is no different with price showing a 10% increase over the past 24 hours.

Monero has long been a favorite among cryptocurrency enthusiasts due to its focus on maintaining anonymity through ring signature technology. However, this has not always materialized in price with Monero often lagging behind while other coins undergo speculative frenzies. After the bear market investors have experienced so far during 2018, there could be a new appreciation for projects with a strong technological base such as Monero.

The rise has been on large volume showing real strength behind the move. The price and RSI form higher highs and higher lows, a signal of an uptrend. The MACD also continues to diverge from the centerline as buying momentum increases. The RSI is actually currently in overbought territory, but this is likely to have little impact amid strong buyer momentum.

Monero Daily Chart – Source: Tradingview.com

The hourly chart provides a closer look at the appreciations we have seen in Monero. Price is currently trading in a range, but after several bull flags forming on the daily, the next move could very well be another one to the upside.

Despite these strong upward movements, the direction of Monero’s future price is likely to depend on the overall market as a whole. The majority of altcoins follow the direction of the overall market most of the time. For traders in Monero, it is important to monitor the overall market but also to be alert for breakouts as the price action has been providing better returns than most coins.

Monero Hourly Chart – Source: Tradingview.com

Key Takeaways:

  • Strong bullish increases for Monero over the past week which could represent a new appreciation for the project from investors.
  • Price action mostly depends on the direction of the overall altcoin market but is likely to outperform on rises.
  • Many bullish signals on both the daily and the hourly charts.
  • Traders can monitor the overall market while looking for breakouts in Monero.
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Privacy Coin Monero [XMR] Increases 50% in One Week was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.