Monero coin showed a great rally and heading towards $68

The market has come out from the bearish burden of yesterday move as all the major coins were not sustaining themselves; rather slumping in the downward direction. Today’s performance is worth to be praised and the Monero coin following the market is showing bullish move with almost 14% change in the past 24-hours.

This is a remarkable rally on the part of token but the short term recovery does not matter at all but long term perspective does. However, the move will be great for day traders but not for long term traders and investors.

Price Value of XMR

The price value of XMR at the time of writing is $59.56 with a 14 percent change in the past 24-hours.

XMR Price Statistics

The total market capitalization of the Monero coin is $1,028,229,034 USD. The volume of trading that happened in the 24-hours is standing at $149,973,131 USD. There are almost 17,262,720 tokens are in circulation in the crypto markets.

Monero News and Events

The date for upgrading Monero Network is Nov.30 and new changes are introduced to make the network more updated and innovative.

Thus, approximately the 30th of November there will be a scheduled network upgrade on the Monero network. To be sufficiently prepared, a user, service, merchant, pool operator, or exchange should run CLI v0.15 or GUI v0.15.

Monero Price Prediction

The coin arose from the zone of the bearish trend but for the very short term. This slumping of the coin started from September 20 and XMR doesn’t show any fair recovery but now a signal is received about its rally. The resistance level of $60.80 may cause a hurdle for the trend line but it is easily breakable.

There is a strong resistance at $68 that will create a strong wall and have the potential to bounce back the trend line in the bearish zone. The next target is $68 if minor resistances can break.

Monero Price Comparison

The value of XMR has rallied from $55.56 to the current mark of $59.56 and that is very appreciable. However, the monthly data of the token is not very good; because, during the period of the past 30 days, the price value decreased from $74.03 to $59 and has given a very dangerous bent to Monero coin.

Conclusion

According to our technical analysis, the resistance at 60.80 is not very far and don’t have enough stamina to hedge the way of the present rally. So, the next resistance lies at $68 and seems to be the next target of XMR.

Leah Hutton

Leah Hutton has recently joined Tokenhell team as a freelance writer. She has comprehensive knowledge of blockchain and various cryptocurrencies.

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