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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Monero Climbs To 5-Week Peak, Nears Key Resistance At $155

Christian Encila
Christian Encila
2 years ago
3 mins read
Monero

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Monero (XMR) spiked to its peak levels in three months, in the face of challenges in the crypto market.

XMR has been gaining momentum since June 13 as it has been enjoying highest highs over the past few months.

The token has been on an uptrend for the fourth day in a row and today it’s at fever-pitch with an intraday high beaming at $153.09 3hich is considerably the highest gain it has had since June 13.

With this big move, XMR/USD has set its targets on a new resistance level at $155, which will be considered as the price ceiling for many traders. This new price ceiling will come in tandem with another resistance level.

Monero Going For A Bull Run At $175

Two things can happen: The bears might look at the market scenario as being overbought and will then reenter or can even push other bulls to vacate their recent positions. On the other hand, if a breakout happens, then Monero could push for a bull run toward a higher ceiling eyed at $175.

XMR was able to breach its support zone and is now trying to retest the trendline. XMR is currently going for an ascending triangle pattern.

Suggested Reading | Binance Coin Trading Volume Up 35% As BNB Spikes To $274

The XMR/BTC pair soared by 0.67% in market cap and is currently trading at 0.006390; evident in the past 24 hours.

XMR is showing a downtrend after it has successfully breached the long-term resistance zone and has turned the supply zone now at $135.

It has been retesting that resistance level by forming higher highs and higher lows. It has now tried doing the contrast and forming lower lows and lower highs for a shorter time frame.

XMR total market cap at $2.76 billion on the daily chart | Source: TradingView.com

The Monero coin has been showing a bearish movement as it was able to cross the long-term demand zone.

The bearish trend has caused the breakdown set at $200 giving away a sell-off signal. Now, the coin is trading under the supertrend line which works as a resistance.

So, if XMR can break out of its triangle pattern, it will show a bullish streak in price. If it cannot sustain the supertrend line of $200 then the price can further drop to $100.

Suggested Reading | Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55

XMR Forms Falling Wedge Pattern

If the $135 supply zone is breached, then this can push the price up to $175. XMR is currently forming the falling wedge pattern as it shoots for lower lows and lower highs.

Consequently, the Average Directional Movement Index (ADX) has slumped over the past few days and it even further dipped below 20 with coin facing rejection at the $135 zone.

On the brighter side, the ADX curve is now seeing some recovery and went for an uptrend.

Overall, it’s looking bullish for the crypto as of press time with the resistance zone falling in between $135 to $175.

Featured image from Coin Central, chart from TradingView.com
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Christian Encila
Christian Encila

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.

Read more

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.

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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.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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.

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