In this 2021 while an upward cycle of the cryptocurrency market is in development, some projects have been overshadowed by the great boom of DeFi and NFTs; However, little by little they are recovering their relevance, such is the case of Monero (XMR) that is already closer and closer to reaching a new all-time high.
At the time of this writing Monero (XMR) is trading at $ 385.41, accumulating a loss of 4.98% in the last 24 hours and a gain of 17.15% in the last 7 days.
If you want to find out what has been happening with this crypto, and where its price is heading, stay and read this post.
Adoption and development of the XMR project encourages positivism
Community efforts to deliver real use cases have undoubtedly been a major fuel source behind the push.
In early February, as the Monero community asked Tesla to integrate this cryptocurrency as a payment method for electric cars, some traction won the price.
So far the proposal has not been approved. The manufacturer only accepts Bitcoin for now, but the effort has already attracted a bit more attention.
Recently the project also successfully achieved audit approval for Bulletproofs, a new network system that allows for smoother transitions.
Other good adoption news includes the ability to use XMR to book private jets through Topjet and pay for flights with Travala.
Finally, the most recent driver of positivism is the possibility of conducting atomic swaps between XMR and BTC.
ICYMI: Three different teams are working on atomic (trustless) Monero swaps!
– Farcaster is a Bitcoin-Monero atomic swap project.
– COMIT team is working on a usable XMR BTC swap tool.
– THORChain is working on adding Monero to their cross-chain decentralized liquidity network.
– Monero || #xmr (@monero) January 27, 2021
Technical analysis: Monero faces supply zone left by all-time high
A really clear behavior from the monthly XMR USD chart can be observed: the long-term trend is being resumed with total success, and now the price could go much higher.
This month in development we are seeing how the last relevant supply zone is reached, the one left by Monero after reaching a historical maximum at the end of 2017.
We may see some trouble getting through this area, but most likely it won’t be for long.
The bull cycle of the crypto market is still in development, and Monero still has a long way to go.
Monero is facing the last resistance, left by the all-time high. Source: TradingView.
When we move down to the weekly chart we also identify a medium-term uptrend, currently developing momentum.
The current momentum is already quite developed, so a correction may be in the making, however brief.
In case this idea is true, we will see Monero pull back a bit towards $ 300 or so before marking a new all-time high.
However, this is not the time to sit back and wait for falls. It is also possible that the momentum will continue to spread and we will see XMR setting records in the coming days.
1st goal: $ 500 2nd goal: $ 587
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