The Monero (XMR) price has been in a tight range recently. Its price has barely moved in the past seven days, bringing its total market cap to $4 billion. It has also been overtaken by other fast-growing digital currencies like Crypto.com, Terra, Theta, and DogeCoin. It is now the 24th biggest cryptocurrency in the world.
Monero news: Monero is one of the oldest digital currencies in the world. It differs from other popular currencies like Bitcoin and Litecoin because of its emphasis on security. While Bitcoin transactions can be tracked, those done through Monero’s network are untraceable.
In the past few days, momentum in Monero has faded because investors have shifted to other red-hot cryptocurrencies. For example, Binance Coin has come from obscurity to become the third-biggest crypto in the world. Cardano price too has surged, bringing its total value to more than $40 billion.
In this daily chart, we see that the XMR price has been on a sharp upward trend for a while. It reached a high of $288 a few days ago and then tumbled by more than 40% to 171p. The price has also formed a small narrow ascending channel that looks like a bearish flag pattern. Also, it is hovering slightly below the upper side of the channel.
It is also slightly above the 25-day exponential moving averages. In my view, while the overall trend is bullish, there is a possibility that Monero price will retest the February low of $171. However, a break above the upper side of the channel at 241p will invalidate this trend.
