Monero has realized 8 consecutive green weekly candles, from $130 to $290.
Privacy protocols have benefited from market desire for unlinkable & untraceable transactions this year in the face of the weaponization of financial instruments.
XMR has a long track record, is a trusted blockchain, and has a long-term place in the crypto space.
However, institutions and central banks are trending towards more insight into transactions with the European Union primarily leading the efforts, not to mention concerns regarding Proof-of-Work energy consumption and push towards green/renewable and alternative consensus mechanisms.
Near-term, expecting a test of $200 support from local high of $290 (~30% retracement) with potential to see bearish continuation to $150 and then $115 if the broader macroenvironment continues to realize rampant inflation in the face of a slowing economy.
Indicators support the current decline with MACD reflecting a recent bearish cross on the daily, declining momentum and on balance volume.
Monero has lost 20 EMA, regaining with a close above this would result in need to watch closely as the week progresses.
Privacy protocols have benefited from market desire for unlinkable & untraceable transactions this year in the face of the weaponization of financial instruments.
XMR has a long track record, is a trusted blockchain, and has a long-term place in the crypto space.
However, institutions and central banks are trending towards more insight into transactions with the European Union primarily leading the efforts, not to mention concerns regarding Proof-of-Work energy consumption and push towards green/renewable and alternative consensus mechanisms.
Near-term, expecting a test of $200 support from local high of $290 (~30% retracement) with potential to see bearish continuation to $150 and then $115 if the broader macroenvironment continues to realize rampant inflation in the face of a slowing economy.
Indicators support the current decline with MACD reflecting a recent bearish cross on the daily, declining momentum and on balance volume.
Monero has lost 20 EMA, regaining with a close above this would result in need to watch closely as the week progresses.