Monero Encounters Breakdown While Consolidating Above $64

Monero encounters breakdown after consolidating above the $64 support level as the bears pushed the altcoin to the $60 low level and bulls responded immediately. Let’s see what the future of monero XMR looks like in our XMR news today.

The bulls bought the dip as the price returned to the $64 support level but after the price hassle, the coin dropped to $63 low and managed to rebound. The current momentum pushed the coin to the $67 high. Buyers are not having a hard time fighting the $67 resistance level as the bulls have two major hurdles to jump over such as the resistance at $67 and the overhead resistance at $70. A strong bounce above $66 is supposed to speed up the price increase and to break the $70 resistance level. The momentum will continue to the high of $80 but if the bulls fail to sustain the upward movement above $64, the bears will try and sink the price of the coin.

The buyers took some positive steps as they break above the 12 and the 26-day EMA so the implication is that XMR will resume an upward move and retest the overhead resistance. As monero encounters breakdown, the crypto got up above 60% of the daily stochastic. It indicates that the market is in a bullish momentum and the key resistance levels are set at $80, $90 and $100 while the key support levels are set at $50, $40 and $30.

Monero’s uptrend is still intact despite the recent breakdown as the bulls are taking control of the price. The bulls had to sustain the price above the $65 level and break the resistance levels but a break above $67 resistance will speed up the price movement to the previous highs.

The latest XMR research shows that criminals prefer Monero over bitcoin as the cryptocurrencies have been attracting illegal dealers since they were created. Because of their anonymity and security, Bitcoin was mostly used as a payment method on the darknet markets but lately, criminals have started paying more attention to Monero because it allows them to enhance their disguise. Also as reported, According to Whitestream, the ISIS-associated news website is closely related to the Jihadist movement and they officially moved on with Monero donations as of June 21. The website in question seems to be Akhbar al-Muslimin which is a well-known ISIS supporting news website. The platform claims that XMR is much more private and unlike Bitcoin, it cannot be traced.