Privacy-centric currency Monero (XMR) is starting to show signs of growth despite receiving long-term rejections by resistance. Monero still seems to be optimistic and attempts to recover, battling the multiple resistance lines to stay alive.
Monero’s price reached a high of $287 but then showed a declining trend after receiving continuous rejections in February 2020. The unfortunate rejection happened during the 0.5 Fib retracement level reaching an all-time high of around $470. The downfall started immediately as the rejections proceeded, almost killing Monero, but somehow there is still minimal hope for the currency to recover.
Practically Rising From The Dead
Multiple reports have shown that XMR has been increasing in value after reaching a low of $0.0034, with the RSI coming up with positive directions. Analyzing the wave count that began in 2020, XMR has recently shown to generate spikes of increase in share prices. Data from Trading View showed that XMR managed to bounce at the small $185 area. The Short-term chart also provided by Trading View shows a very bullish trend since XMR’s breakout from the resistance line.
According to a recent tweet by Monero, The Monero subreddit has reached 200,000 subscribers and welcomes all new members showing signs of growth. The Monero also announced on Twitter that their website now possesses an onion mirror address, making it available on the Tor network.
How Does Monero (XMR) Work?
Their privacy rules seem attractive to new users because transactions on the Monero blockchain are untraceable and even untraceable, promoting private transactions. Although this is helpful for privacy-sensitive users, it is also very dangerous in the case of illegal transactions, creating confusion and deception opportunities for the wrong hands.
Charts from Trading View have shown that the trend for XMR will keep falling until previous breakdown areas are not recovered. Crypto trader CryptoRangar drew a chart for XMR showing that the currency is likely to stay at a low even from the validated breakdown level that occurred in 2016.
XMR also needs to clear the $230 resistance area to verify a positive trend in share prices; otherwise, it is bad news for the coin. The situation seems to be very ambiguous in the case of XMR as its bullish trend is basically very small, and it lives on how many resistance lines XMR can successfully break. XMR needs to make sure it doesn’t fall below $185 to stay relevant and alive.