Monero has gained more than 3.1% within 24 hours. The resistance level for the token is $68, $70, and $72. Support levels are seen at $56, $54, and $52.
The price action of the XMR has seen sand witched between upward sloping lines parallel to each other. The swing lows and swing highs were connected in the process of constructing an ascending channel. Breakouts and reversals are identified using the ascending channel.
A break out beyond the ascending channel is indicative of the continuation of the uptrend. A break down usually indicates a trend change in the direction of the breakdown.
At the time of reporting, Monero has been trending in ranges at $63.52. The trend is now focusing on the upward direction providing for a retest at $61. There will be gains at $68, $70, and $72 if a correction occurs beyond the nine days moving averages.
There is immediate support at $60 on the downside. The critical level of support is seen at $58. Major support levels trend at $56, $54, and $52; however, the RSI is above the 60 levels providing for an upward trend.
When the price of the Monero is compared with the Bitcoin, Monero is Bullish. The bullish appearance is because the price tends to rise above 6708 Satoshi. The price might increase to 7500 and 7800 Satoshi resistance levels. If the sellers push the price below 6971 Satoshi, the next support is seen at 6400 Satoshi, and support will be seen in areas at 6300 Satoshi and 6100 Satoshi. There has been a significant increase in the trading volume as the RSI has been moving towards the 60 levels. This has raised the hope of buyers.
The positive momentum of Monero provides that the prices would continue to rise. XMR’s futures contracts launched by Dubai-based BTSE exchange are available for trading with eight fiat currencies and six other cryptocurrencies.
“In listing Monero, we hope not only to provide our users with more choice when it comes to their trading needs but to spark a conversation on how to list privacy coins in a regulatory-compliant fashion.”
With futures trading, XMR will have improved liquidity in the market. Monero Futures 2.0 makes it one of the competitive futures in the market, considering they are flexible, customizable, and personalized. The exchange has to state that users will be able to post any collateral for the trades they choose to trade.
Monero being a privacy coin, is subject to several criticisms considering their privacy features and the kind of services they offer to their users. Several jurisdictions have decided to delist these coins from their exchanges. The response is not the same across all regions, though.
