Monero (XMR) Price Slides As Canada Includes Crypto In Emergencies Act

Christian Encila

Last Updated: June 11, 2024 7:06 am

2 mins read

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Monero (XMR) is trading at $172.80, down 4.61% with a low of $171.473 and a high of $183.58 in the last 24 hours.

The crypto has a market capitalization of $3,126,923,853, and a price nearing 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 is going bearish again following a decrease in the XMR/USD market, as a result of negative news coming from Canada.

Monero (XMR) Bullish Indicators

At the time of writing, technical analysis by CoinCodex shows that short-term sentiment on XMR has become neutral, with 17 indicators flashing bullish signs versus 12 bearish signals.

According to TradingView data, the daily simple and exponential moving averages are showing buy signals, while the relative strength index (RSI) was at 55.4 as of February 16.

A reading of 30 or less on the RSI suggests that the market is experiencing an oversell.

XMR total market cap at $2.964 billion in the daily chart | Source: TradingView.com

Due to adverse market movement, the cryptocurrency has shown a slow decline. The price has been falling in the previous hours as the negative trend rises.

Experts describe Monero’s overall market position as “less lucrative.”

Canadian Emergencies Act Deals Blow 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).

The crypto joins a list of other key digital assets the Canadian government bans in the face of ongoing protests in Ottawa by the Canadian Freedom Convoy (CFC).

Authorities want to reduce the amount of money protesters allegedly utilize, which comes from assets and contributions of digital currencies like Bitcoin, Cardano and Monero.

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.

Monero (XMR), according to reports, is being used to sponsor the protesters, who have so far received $870,000 to $1.1 million in cryptocurrency donations.

Because of its decentralized status and low charges, a good number of donors choose to pay for their donations using cryptocurrencies such as Monero.

Monero (XMR) Seen To Make Strong Rally

Meanwhile, analysts anticipate that the value of XMR will likely climb between now and the end of 2022.

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.

The combination of technology and positive crypto market dynamics gives XMR a strong possibility of becoming one of the most traded cryptocurrencies this year.

Monero is in high demand as a mode of payment on the dark net, primarily because it provides a high degree of anonymity in terms of transactional information.

Featured image from Reddit, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.