Monero XMR Price Shoots Through The Bullish Crypto Market

The Monero XMR price seems to be gliding through the bullish crypto market and is now facing resistance at $75 as the uptrend appears intact so far as we are about to read more in the monero news today.

The bullish trendline of yesterday will likely continue and the pullback has been halted so far. The technical analysis shows some mixed signals as of now. the Monero XMR price is matching up with the market bulls so far and has even started to trade upwards. Monero’s price was declining and the coin later found support level above the 0% Fib level while it was facing a huge resistance above the 50% fib level. Currently, the currency is testing the resistance levels above $75 to continue the price rally further and the coin even formed a bullish trend line which will continue if XMR manages to clear the previous resistance at $75.

For most of yesterday, XMR kept trading downwards because of the pullback effect and the coin later found support level at $73.59 which eventually boosted a rebound path and faced rejection at $75.27. The MACD of Monero in the bearish zone is in the downside and the short-term SMA line is above the long-term SMA line. Monero has to recover fully before showing any positive signs at the moment.

In the early days of the new year, the price of monero has advanced by 10 percent and the investors believe that happened only because of Monero’s privacy features. Earlier today, the privacy coin increased by more than 3 percent from $45.00 to and has even started taking ground further rising to which is a 7 percent increase in the past 24 hours.
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The rally comes as an outcome of the Europol report showing that the XMR transactions are untraceable. Europol used the transaction activity of the suspect who was able to avoid the authorities to make its point.

Monero reveals the new system but it is not clear if the monero developers will choose to utilize Triptych. The technology is still in an early stage and has yet to be reviewed. There are other scalability improvements under consideration including the Lelantus, RingCT 3.0 and Omniring which all can improve transaction privacy as well.