Monero (XMR) is trading at $172.80, with a low of $171.473 and a high of $183.58 in the last 24 hours, down 4.61%.
The cryptocurrency has a market cap of $3,126,923,853 and the price is approaching the resistance threshold of $170.
According to Coindesk price research, the bear market is back, with price increases slowing compared to the previous month due to the downward trend.
Monero is once again on the weak side following a drop in the XMR/USD market due to negative news from Canada.
Monero (XMR) Bullish Indicators
At the time of writing, technical analysis by CoinCodex shows that short-term sentiment towards XMR is neutral, with 17 indicators showing bullish signs and 12 indicators showing bearish signs.
According to data from TradingView, the daily simple and exponential moving averages are indicating buy signals, and the relative strength index (RSI) was at 55.4 as of Feb. 16.
An RSI below 30 indicates that the market is in an oversold state.
XMR total market cap at $2.964 billion in the daily chart | Source: TradingView.com
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The cryptocurrency is showing a gradual decline due to unfavorable market movements. Prices have been dropping in the past few hours as the negative trend intensifies.
Experts have described Monero’s overall market position as “unprofitable.”
Canadian Emergency Act Hits XMR
Canadian Prime Minister Justin Trudeau’s implementation of emergency legislation in the country has dealt a major blow to several cryptocurrencies, including Monero (XMR).
The cryptocurrency joins a list of other major digital assets banned by the Canadian government amid ongoing protests in Ottawa by the Canadian Freedom Convoy (CFC).
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Authorities want to reduce the amount of funds protesters are allegedly using, derived from assets in digital currencies such as Bitcoin, Cardano and Monero, as well as donations.
Emergency measures legislation has been passed that will prohibit future funding for truck driver-based activists who oppose the nation's COVID-19 vaccination mandate.
Monero (XMR) has reportedly been used to support protesters, who have received between $870,000 and $1.1 million in crypto donations so far.
Because it is decentralized and has low fees, many donors choose to pay their donations using cryptocurrencies such as Monero.
Monero (XMR) Set to See Strong Rise
Meanwhile, analysts expect that XMR’s value will likely rise between now and the end of 2022.
Based on current data and the coin's recent success, the majority of cryptocurrency experts predict that Monero's price will rise in the near future.
The combination of technology and the positive trends in the cryptocurrency market means XMR is likely to become one of the most traded cryptocurrencies this year.
Monero is in high demand as a payment method on the darknet, mainly because it offers a high degree of anonymity when it comes to transaction information.
Featured image from Reddit, chart from TradingView.com
