Not to be outdone by the new kids on the Block. The Monero price continues to climb, putting the privacy token’s all-time high within reach.
XMR/USD is enjoying somewhat of a renaissance period in 2020, with the Monero price increasing by 230% in the first four months of the year.
Monero was launched in 2014 with a simple mission: Total anonymity and privacy for users of the platform. Via the use of advanced cryptography, Monero guarantees that all user and payment details remain invisible.
Monero currently resides at #24 on the coinmarketcap.com rankings list, with a market capitalization of $7.5 Billion.
This year’s increase in the Monero price has largely been fuelled by the revelation that Greyscale Investments included Monero on a list of cryptocurrency trusts filed at the Delaware Corporate registry.
The asset manager is the world’s largest holder of Bitcoin, managing over $37 Billion of the cryptocurrency for investors. The news that Greyscale is exploring investment options for Monero has increased investor interest in the coin.
As the fundamentals for Monero have improved, the technical outlook has followed suit.
As we can see on the 4-hour price chart, the market has been trading broadly higher in an ascending channel, the top of which currently offers resistance at the $450 mark.
The rising line at the lower end of the band provides support at $415. As long as the line remains intact, we should see the Monero price revisit the April high at $450. Which, if taken out, would no doubt see a fresh attempt at the 2017 all-time high of $470.
A break below the ascending channel would put $400 as the next level to watch on the downside.
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