Home Crypto News XMR/USD spot price drops 8% as altcoin market slows amid sell-off pressure

XMR/USD spot price drops 8% as altcoin market slows amid sell-off pressure

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Privacy-focused cryptocurrency has seen huge transaction volumes since the start of 2020.

Daily transactions for Monero have hit a new all-time high, even as the coin’s price fell 8% following market sell-off.

Data shows that daily transactions on the Monero network have hit a new all-time high of 16,689. Since the start of the year, Monero’s global transaction count per day has been rising. Over the past three months, the metric averaged around 12,500 transactions.

However, the past two days have seen an increase that coincides with news that CipherTrace had developed a tool that makes tracking transactions on the privacy-focused blockchain “traceable.

CipherTrace had for over a year worked with the US Department of Homeland Security on a project aimed at making it easy for investigators to track transactions on the privacy coin linked to deals in the dark market.

Although spiking to a new ATH suggests Monero’s transactions had increased significantly, the total is just about 4.43% of what is recorded on the Bitcoin network.

Monero daily transactions graph had spiked to 12,800 by June. Source: Statista.com

Monero price

Monero, like most other top cryptocurrencies, is going through an impulsive downtrend after Wednesday’s selling pressure.

After rising to highs of $97.50, XMR/USD price dropped to lows of $87 to quash bulls’ push for a break above the psychological $100.

Even though the cryptocurrency could still correct higher in the short term, it is likely to go post multiple pullbacks and register lower highs and lower lows if bulls fail to hold support above $89.

XMR/USD price chart. TradingView

At the moment, the XMR/USD spot price on the daily chart is above the 50-day EMA ($86.58), 100 EMA ($79.30) and the 200 EMA ($72.73). As long as it trades here or higher, the technical outlook will remain bullish.

That picture is also supported by the high number of trades around the $85-$98 price range, which means a retest of the psychological $100 remains achievable.

However, if the price corrects to support levels at $85.00-$80.00, the uptrend will be fully invalidated and could open a bearish run to $70. Here we see a bearish divergence printed by the RSI on the daily chart, with prices currently crossing below the 20-day EMA at $91.93.

XMR/USD is changing hands around $89.20 as of writing, 3.10% down in the past 24 hours.

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