Think Monero (XMR) Is Out? This Price Analysis Will Make You Reconsider

Today’s market optimism, fueled by institutional investments in Bitcoin, reversed the tides of stagnation and turmoil. MicroStrategy’s recent acquisition of $37 million in BTC, boosting its total holdings to an astonishing $8.1 billion, exemplifies this newfound confidence. Michael Saylor is bullish on Bitcoin as he views it as a secure and a reliable store of value akin to gold. 

Ethereum’s burgeoning appeal is also evident, with Ark Invest and 21 Shares revising their ETF applications. The coming events like BTC’s halving and clearer regulations for ETH mark 2024 as a year that can redefine the crypto landscape.

In stark contrast to this prevailing market positivity, Monero (XMR) finds itself navigating choppy waters, with its price fluctuating wildly in the wake of Binance’s announcement to delist the token on February 20. Initially, XMR took a steep dive, plummeting by 32%, only to rebound with a 25% surge within 24 hours, keeping investors on edge. Currently, Monero (XMR) is trading in red, down by over 3% in a daily time frame.

Amidst this volatility, the burgeoning project ScapesMania (MANIA) is carving out its own path. Its presale phase, with tempting discounts and stage bonuses, not only promises lucrative prospects for early investors but also underscores a future that could be as unpredictable as it is bright.

Ride The Wave of Innovation with ScapesMania

The ScapesMania presale wrapped up, becoming the talk of the crypto community. The project managed to secure over $5.4M at an unprecedented rate and there’s a good probability that the token’s value will increase exponentially in the future.

The spotlight has shifted to the public sale with the Token Generation Event (TGE) coming up in March. The pool of tokens is smaller than it was before, so the chance to maximize your potential returns is quickly diminishing. Letting it slip now would be a huge waste, especially since your chance to join before the TGE is only a click away.

Your Last Chance to Boost Potential Returns Before the TGE

The team behind ScapesMania, with years of expertise, has crafted a robust post-listing marketing strategy. Buyback, burn, staking, and all the perks for holders keep attracting new adopters. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry.

Moreover, the token’s utility is impressive. It’s not another meme coin whose success relies heavily on trends and hype. ScapesMania ($MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. As a player in the $376 billion gaming industry, it leverages the market’s growth potential. Post-debut, holders can anticipate greater liquidity and easier trading.

The community’s excitement about the project is evident so far: the follower count has reached 60K+. Also, the growing interest from crypto whales with deposits of $20,000+ might expedite ScapesMania’s transition from niche to mainstream.

ScapesMania’s smart contract has received approval from prominent security-ranking firms, ensuring peace of mind for holders. Additionally, the award-winning team behind ScapesMania secured a prestigious grant from a prominent player in the blockchain industry.

Furthermore, ScapesMania is notable for putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is where ScapesManias stands out.

Make sure you don’t pass up the opportunity to leverage all discounts and potentially beat the market as the public sale unfolds. Be quick if you want to get your hands on those lucrative tokens before they’re all gone!

Public Sale ALERT – Seize Your Chance

Monero’s (XMR) Turbulent Journey: From Binance Delisting to Market Rebound

On February 6, Monero (XMR) experienced a significant downturn, plummeting to a low of $100.4 per unit on Binance – a price point not seen since June 2022 – in the wake of Binance’s announcement to delist XMR on February 20. This trend of distancing from privacy coins was not unique to Binance, as OKX had already removed Monero (XMR) along with seven other assets in December.

In an intriguing turn of events, the descent of XMR was met with a robust response from the market. Despite the delisting news, a notable increase in buyer activity was observed, driving the price of XMR up by 25% within the last 24 hours. This came on the heels of the beta release of a tool by Samourai Wallet developers that facilitates Bitcoin to Monero atomic swaps and provides a decentralized avenue for enthusiasts to obtain XMR – somewhat cushioning the blow from the delisting and demonstrating the resilience and adaptability of the crypto community in the face of regulatory challenges.

But even despite the recent recovery, Monero’s (XMR) overall performance paints a more sobering picture. XMR remains down by more than 14% over the past week and has seen a decline of 28% since the beginning of the year. This volatility is reflected in the heightened trading activity across major exchanges like Binance, Kraken, and Kucoin, where Monero’s (XMR) daily trading volume has reached $256.91 million in the past 24 hours.

Monero (XMR) Technical Analysis

Following its tumultuous journey, Monero (XMR) has been navigating through a complex market landscape. Currently trading between its first support at $110.43 and the first resistance at $141.71, XMR showcases a nuanced picture of its market behavior. 

Source: TradingView

The Exponential Moving Averages (EMA) provide insights into the asset’s trend with the 10-day EMA at $124.98, the 50-day EMA at $124.1, and the 200-day EMA at $128.84 all converging around a similar range. This suggests a consolidation phase in the short to medium term. 

The Relative Strength Index (RSI) stands at 68.19, indicating that Monero (XMR) is approaching overbought territory, yet still has room before it hits the threshold of 70, which typically signals a pullback.

The Stochastic %K is high at 87.96, suggesting strong buying momentum. This, coupled with the Commodity Channel Index (CCI) at 146.9, indicates that XMR is currently experiencing a strong upward trend. The MACD Level at 0.89 and a Momentum of 4.05 reinforce the current bullish sentiment, suggesting that the upward trend may have legs. 

However, the Average Directional Index (ADX) at 32.52, while indicating a somewhat strong trend, does not yet confirm a robust bullish momentum.

Monero (XMR) Price Prediction

If the buying pressure continues and Monero (XMR) breaks past $141.71, the next significant resistance to watch is at $153.87. A sustained move above this level could attract more buyers and propel XMR towards its most desired target at $185.15.

On the flip side, a bearish scenario should not be overlooked. Should market sentiment waver, Monero (XMR) could face a pullback towards $110.43. A break below this support could intensify selling pressure, leading to potential tests of lower defense lines $91.31 and $60.03. Such a downward movement could be triggered by broader market dynamics or adverse regulatory news which have historically impacted the valuation of privacy-focused coins like XMR.

Bottomline

While Bitcoin and Ethereum capitalize on the broad market optimism, Monero (XMR) faces its own rough seas, rocked by sharp price swings and regulatory clampdowns that have even seen it booted from key cryptocurrency exchanges like OKX and Binance. Privacy-focused cryptos such as XMR have a tough road as watchdogs are breathing down their necks in a market that is increasingly influenced by institutional investments and regulatory scrutiny – problems you don’t see as much with the big names like BTC and ETH.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

Credit: Source link