Monero coin was originally forked from Bytecoin and is a secure, private, untraceable coin. Monero uses RingCT privacy technology. It provides privacy through unique features such as:
For senders (ring signature)
For recipients (stealth addresses)
Transaction (Ring CT (Confidential Transaction))
XMRUSD has performed well over the past two days.
A daily close above $180 would confirm further bullish momentum.
XMRUSD has risen by over 35% in the past month and a half. The pair is well above its short-term (21 EMA and 55 EMA) and long-term moving averages. It reached a high of $146 and is currently trading around $143.87.
A bullish invalidation can occur if the pair closes below $100. On the downside, short-term support is at $130. A drop below the objectives of $120/$100 will signal a significant downtrend.
The immediate resistance is near the $155 level. A break above this will signal a continuation of the bull market as the cryptocurrency can move to $180, $200 and $216. Above $216, it can rally to $229 and $250.
With a price target of $200, buying at lows around $120 with a SL of around $198 would be a good option.
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