Monero is currently trading at $172.80. This represents a drop of 4.61%. The price was down to $171.473 from the high and low, respectively.
This crypto is worth $3,126,923,853 in market capitalization and has a close to the $170 resistance threshold.
According to Coindesk’s price research, bearish swings are back, and price increases have been slower than in previous months because of the downward trend.
Monero’s bearishness has increased due to a drop in the XMR/USD price, and negative news from Canada.
Monero (XMR) Bullish Indicators
CoinCodex’s technical analysis shows that short term sentiment has changed to neutral at the time this article was written. 17 indicators are showing bullish signs, while 12 indicate a bearish trend.
TradingView data indicates that both the exponential moving averages and the daily simple are showing buy signals. However, as of February 16, the relative strength indicator (RSI), was at 55.4
The RSI is at 30 and below, which indicates an oversell.
Source is TradingView.com| Source: TradingView.com
Related Reading | Monero Featured In Last Week Tonight, Essential Tool In “Ransomware Economy”?
A slow fall in cryptocurrency prices has occurred due to market volatility. As the negative trend continues, the price of cryptocurrency has fallen in recent hours.
Experts describe Monero’s overall market position as “less lucrative.”
Canadian Emergencies Act: Deals on XMR
Canadian Prime Minister Justin Trudeau’s imposition of the country’s Emergencies Act is taking a heavy toll on several cryptocurrencies, including Monero (XMR).
In the face of continuing protests by the Canadian Freedom Convoy in Ottawa, the crypto is now part of a list that the Canadian government has banned other digital assets.
Monero XMR (Monero) Prepares for A Breakout When It Touches An Important Milestone| Monero (XMR) Readies For A Breakout As It Touches Important Milestone
The authorities want to lower the money that protesters use, which is derived from contributions and assets of digital currencies such as Bitcoin, Cardano, Monero, and Cardano.
An emergency measures act has been passed to ban future funding to trucker-based activists who are opposing the country’s COVID-19 vaccine mandate.
According to reports Monero (XMR) is being used as a sponsor for the protesters who received cryptocurrency donations ranging from $870,000 up to $1.1million.
A large number of donors opt to use cryptocurrencies like Monero because of their low costs and decentralization.
Monero (XMR), Seen As Making A Strong Rally
Analysts expect that XMR’s value will increase between now 2022 and then.
Based on current data and the coin’s recent successes, the majority of cryptocurrency experts predict that the price of Monero will rise in the near future.
XMR has a high chance of being one of the top-traded cryptocurrencies in this year’s market thanks to its combination of cryptomarket dynamics and technology.
Monero is highly sought after as a payment method on the darknet, due to its anonymity and transactional data.
Featured image taken from Reddit. Chart from TradingView.com