Monero (XMR) Long Term Price Analysis – February 12

  • The price of Monero ranges between the levels $40 and $55.
  • The price of Monero is likely to reach the previous high of $60 but may face resistance at the $50 and $55 price levels.

XMR/USD Long-term Trend: Ranging

  • Resistance levels: $120, $130, $140
  • Support levels: $40, $30, $20

The price of Monero is now in the bullish trend zone. The cryptocurrency had been trading in the bearish trend since January 10. During the bearish trend zone, the crypto had been trading in a tight range between the levels of $43 and $47 in the last one month. Also, the crypto had been range bound since December 17, 2018, between the levels $40 and $55.

On February 8, the bulls broke the EMAs, the $47 resistance level and the price reached the $50.69 price level. The crypto’s price is likely to rise as the price is in the bullish trend zone. On the upside, the price of Monero is likely to reach the previous high of $60 but may face resistance at the $50 and $55 price levels. On the downside, if the bearish trend of yesterday continued and the bears break below the EMAs, the crypto will be in the bearish trend zone.

Monero, XMRUSDMonero Chart By Trading View

This will result in a further depreciation of the cryptocurrency. Meanwhile, the Stochastic indicator is in the overbought region but above the 80% range. This indicates that the crypto’s price is in a bullish momentum and a buy signal. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that the price is in the bullish trend zone.

 

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

Huobi Wallet Adds Support for Decentralized Finance Apps MakerDAO and Compound

Francisco Memoria

Huobi’s multi-currency wallet, Huobi Wallet, has added support for two decentralized finance (DeFI) projects – Compound and MakerDAO – in an expansion into the ecosystem.

According to a press release shared with CryptoGlobe, Huobi Wallet will now be supporting all decentralized applications and tokens associated with these projects, which are mainly focused on the Ethereum blockchain.

The document notes the Maker project is comprised of a decentralized stablecoin – Dai – collateral loans, and community governance. Huobi’s multi-currency wallet supports the stablecoin, as well as its MKR token and CDP Portal which lets users take collateralized debt positions.

MakerDAO, Maker’s decentralized portal, is fully managed by smart contracts. The project has created a lot of buzz in the cryptocurrency space over the popularity of its Dai stablecoin, which has been listed on various major exchanges.

Compound, on the other hand, is an open-source autonomous protocol allowing users to lend cryptocurrency and earn interest on their holdings, or borrow on the platform at a specific rate. Huobi Wallet’s support meaning users will be able to use the Compound decentralized application directly from the wallet.

Livio Weng, Huobi’s chief executive, was quoted as saying:

We think blockchain technology has great potential not just for cryptocurrency but also in providing better overall financial services and products to the public. Both Compound and MakerDAO share our vision and we're happy to add support for them.

Compound’s founder and CEO, Robert Leshner, added that decentralized financial applications will “lead to a wealthier, more connected world,” but have so far been difficult to access. Per his words, this type of partnership will help more users access DeFi platforms.

The move comes shortly after Huobi Wallet partnered with Equiilibrium, the framework behind an EOS-based stablecoin called EOSDT, to add the cryptocurrency to the multi-currency wallet.