The cryptocurrency market has been having a rollercoaster ride for a while now with the price of major cryptocurrencies rising, falling and ranging from supply to demand areas. Monero is suffering the same fate as other cryptocurrencies in the market. This morning, the price of Monero XMR was ranging with supply zones at $160.00, $140.00 and $120.00 and demand zones at $40.00, $60.00, and $80.00. Long-term, the cryptocurrency is range bound. The range bound pattern started when the bulls took the price up to $128.65 but were unable to hold this level giving the bears an opportunity to reclaim the market.
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Monero (XMR) Price Today – XMR / USD
On the price chart, there was the formation of a long-tailed doji that was accompanied by a bearish engulfing candle that pulled the price back to $110.85 which was in the demand area. The bulls tried to fight back pushing the price above $122.14 but the bears returned just after it got to this level in the supply area. They pushed the price low toward $107.80 which was in the demand area. The price started ranging between $122.14 and $107.80.
Later this morning, Monero started consolidating its loses. It was trading range bound between $132.02 which was in the supply area and $103.80 in the demand area. It’s important that you wait for a breakout or a breakdown before taking any long term positions.
Monero (XMR) Price Analysis Now
At the time this piece was written, Monero was trading at $114.57. This indicates a 0.10% fall against the USD and a 0.63% fall against Bitcoin. While the price is red, it is still range bound against the USD and Bitcoin. The 24 hour trading volume is $28,904,309 while the total market capitalization is $1,884,561,048. Monero is still the most privacy centric cryptocurrency platform in the world. It is second to none.