- Monero had plunged to lows of $136 on May 19 before its price up-ticked to $332 on May 21
- XMR was trading at $319, up 25.71% in the last 24 hours
- The adoption of the privacy coin, Monero by merchants and retailers is on the increase
Volatility remains high in the crypto market after May 19 bloodbath wiped out billions in liquidation. Monero (XMR) is one of the most popularly transacted privacy coins, with $5.59 billion in market cap at the moment. Monero had plunged to lows of $136 on May 19 before its price up-ticked to $332 on May 21. At the time of writing, XMR was trading at $319, up 25.71% in the last 24 hours while up nearly 144% since the May 19 bloodbath. In a May 20 report concerning tax proposals for Joe Biden’s American Families Plan, US treasury Officials are calling for exchanges and custodians to report crypto transactions greater than $10,000 to the IRS. The online directory, Cryptwerk recently indicated that the adoption of privacy coin, Monero by merchants and retailers is on the increase. Monero transactions also grew from nearly 10,000 transactions per day in April 2020 to 23,000 transactions per day in April 2021.
Resistance Levels: $535, $430, $355
Support Levels: $300, $250, $200
XMR Daily Chart: Ranging
XMR/USD Daily Chart
After sharp losses since the prior week which intensified to lows of $136 on May 19, XMR has clawed higher to trade back above $300. The RSI, still below the mid 50 reading, is reflecting the pickup in positive momentum. If buying interest intensifies, preliminary upside constraints may emanate from the MA 50 at $359. Surpassing this barrier, buyers could then target the $398 and $428 levels.
Triumphing over these hurdles too, XMR price may then pilot for the resistance section between $456 to $504 before targetting the recent all-time high at $533. Alternatively, if sellers manage to take the reins, immediate support could occur at $250 before the MA 200 support at $216 comes into view. Breaking below this level, the $180 and $136 low could attempt to halt the declines.
4-Hour Chart: Ranging
XMR/USD 4-Hour Chart
XMR/USD is edging higher again after the rebound off the downside lows of $146 and is approaching the 4-hour MA 50, which is acting as strong resistance around $346. The bearish intersection of the MA 50 and 200 would potentially provide immediate resistance if the market attempts to further recovery. That said, a successful attempt above the MA 50 ($346) and then the MA 200 ($392) could take the pair towards the $449 level before flirting with the $500 psychological handle.
More increases could send the bulls to retest the May 8 all-time high of $533. Alternatively, a dive beneath the current levels could meet the $279 support ahead of the $236 level before slipping to $219. Steeper losses could see to a retest of $180 support ahead of the $146 low. The RSI at mid-level reading may suggest likely sideways trading before the next major move.
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