Monero (XMR) Price Analysis – January 17

  • The price of Monero had been trading at the  $45 price level in the last seven days.
  • If the crypto's price falls and breaks below the $43 price level, the crypto is likely to find support at the $39.37 price level.

Monero, XMRUSD, CryptoCompare chartMonero Chart By Trading View

XMRUSD Medium-term Trend: Bearish

  • Supply zones: $120, $130, $140
  • Demand zones: $ 40, $30, $20

The price of Monero is trading in the bearish trend zone. The crypto's price is below the 12-day EMA and the 26-day EMA which indicates that the crypto is likely to fall. The crypto is currently range bound between the levels of $40 and $60 but it is trading at the $45 price level as at the time of writing.

Since the crypto's price is below the EMAs, the price of Monero is likely to fall. Nevertheless, since on January 10, the crypto is fluctuating between a tight range of $43 and $45. Today, the crypto is in a bearish movement, if the price falls and breaks below the $43 price level, the crypto is likely to find support at the $39.37 price level.

Meanwhile, the stochastic indicator is in the oversold region but below the 20% range. This implies that the price of Monero is in a strong bearish momentum and a sell signal.

XMRUSD Short-term Trend:  Bearish   

Monero, XMRUSD, CryptoCompare chartMonero Chart By Trading View       

On the 4- hour chart, the price of Monero is in a bearish trend zone. Today, the bears are breaking the 12-day EMA and the 26-day EMA as the crypto's price falls to the bearish trend zone. The crypto's price is expected at the lows of $39.37 and $43.47. Meanwhile, the stochastic indicator is out of the overbought region but below 75% range which indicates that the crypto is in a bearish momentum and a sell signal.


The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.            

BBC: Facebook Planning to Launch ‘GlobalCoin’ in Q1 2020

Siamak Masnavi

Social networking giant Facebook is planning to launch its own cryptocurrency (internally dubbed "GlobalCoin") and crypto-powered global payments network (internally called "Project Libra") worldwide by Q1 2020, according to a report published earlier today by BBC News, the world's largest broadcast news organization.

Project Libra's Origin Story

  • 8 May 2018: In a post on Facebook, David Marcus, the former head of Messenger, who was at that time also a board member (since December 2017) of crypto exchange Coinbase, revealed that he was leaving that role to set up a new group focused on exploring applications of blockchain technology across the whole of Facebook.
  • 13 December 2018: Cheddar reported that Facebook’s blockchain group is planning to "potentially disrupt the entire payments industry":

"At a private dinner Facebook hosted during a recent crypto conference, one attendee told Cheddar that Facebook employees pitched the idea of creating a decentralized digital currency for the social network’s 2 billion users."

  • 21 December 2018: Bloomberg reported that Facebook was creating its own cryptocurrency (a stablecoin) for money transfers within its highly popular messaging app WhatsApp.
  • 28 February 2019: The New York Times confirmed Bloomberg's earlier story, and said that, according to its sources, this project was "far enough along that the social networking giant has held conversations with cryptocurrency exchanges about selling the Facebook coin to consumers."
  • 8 April 2019: Nathaniel Popper, one of the two journalists who wrote the report in the New York Times, provided this update (on Twitter) about Facebook's cryptocurrency project:
  • 2 May 2019: The Wall Street Journal reported that Facebook was "recruiting dozens of financial firms and online merchants to help launch a cryptocurrency-based payments system," and that the core part of this initiative (code-named "Project Libra") is "a digital coin that its users could send to each other and use to make purchases both on Facebook and across the internet." Furthermore, this report said that, according to people familiar, Facebook was talking to "financial institutions including Visa Inc., Mastercard Inc. and payment processor First Data Corp." about investing in this project.
  • 17 May 2019: A report by Reuters said that FinTech company Libra Network was registered in the Republic and Canton of Geneva on May 2. Looking at the entry for Libra Networks, which was published on May 7 in the Swiss Official Gazettte of Commerce (SOGC), tells us:
    • Libra Networks LLC (registration number: CHE193533388) has its registered office in Geneva.
    • According to the English translation, the stated purpose of this company is "provision of services in the fields of finance and technology, as well as the development and production of related software and infrastructure, particularly in connection with investment activities, the payment operation, the financing, identity management, data analysis, big data, blockchain and other technologies."
    • The share capital is CHF 20,000 (100 shares, each with a nominal value of CHF 200); all of the shares are owned by Facebook Global Holdings II, LLC.

Facebook's Stablecoin: GlobalCoin

Here is what we have learnt from the BBC News report:

  • Facebook "is planning to set up a digital payments system in about a dozen countries by the first quarter of 2020."
  • The plan is to start testing the new cryptocurrency (some kind of stablecoin), GlobalCoin, by the end of 2019.
  • Facebook has been getting "advice on operational and regulatory issues" from the UK's central bank governor Mark Carney (whom Facebook founder and CEO Mark Zuckerberg reportedly met in April) and from U.S. Treasury officials.
  • Facebook is also in talks with global remittance firms such as Western Union "as it looks for cheaper and faster ways for people without a bank account to send and receive money."

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