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- The trading volume of the XMR crypto is declining steadily.
- Monero crypto uses the POW consensus mechanism and RANDOMX hashing algorithm.
Monero (XMR) is a privacy-oriented cryptocurrency that was launched in 2014. It uses advanced cryptography to hide the identities and amounts of transactions. It is a fork of Bytecoin, and is led by a developer named “thankfulfortoday”. It can be used for online payments and trading.
The market cap of the Monero did not record significant change in the last few months. In the last 24 hours, the market cap of the Monero crypto declined by 3.31% resulting in a value of $2.798 Billion.
Moreover, the volume/market cap ratio of the crypto is 4.18% and the market cap ranking of the crypto as per CoinMarketCap is #33.
The circulating supply of the Monero is 18.383 Million XMR and the total supply of the crypto is also similar to the circulating supply. The max supply of the crypto is infinite and the fully diluted market cap of the crypto is $2.803 Billion.
The current market cap dominance of the XMR crypto is 0.157% and the all-time high price hit by the crypto is $542.33. The price of the XMR crypto has declined by 71% from its all-time high price.
Monero Crypto Derivatives Analysis
The derivatives trading volume of the Monero crypto has declined by 20.01% in the last 24 hours and the current value of the traded volume for the derivatives is $43.20 Million. The open interest has further declined by 3.9%.
The long/short ratio of the crypto is 0.9335 and the recorded long liquidation for the Monero is $99.25K against the short liquidation of $2.73K.
XMR Crypto Technical Analysis
The Monero crypto price is trading in a small advancing dynamic range which also can be called a rising wedge. If the XMR crypto price breaks above the rising wedge pattern, we might get to see higher levels in the crypto price hitting the resistance levels.
XMR/USD Chart by TradingView.com
On the daily time frame, the XMR crypto is following a golden cross on the charts while the price of the XMR has declined below the 50-Day and the 200-Day EMA.
The Bollinger band is also indicating a downtrend on the charts as the price of the XMR crypto is trading below the median line of the EMA.
The MACD and signal line are trading in a death cross on the charts and both lines have declined below the zero level. The indicator is forming bearish histograms on the chart.
Summary
The XMR crypto is facing a bearish outlook in the short term, as the trading volume, market cap, and open interest are declining steadily. The price is trapped in a rising wedge pattern, which could break down and trigger a sell-off. The indicators are also showing weakness and negative momentum.
Technical Levels
Support Levels: $26.700 and $100.00
Resistance Levels: $292.200 and $486.300
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
