Monero (XMR) Long Term Price Analysis – February 19

  • The price of Monero targets the high of $55 after breaking the $50 price level.
  • On the upside, the crypto is likely to rise if the bulls sustain a price above the EMAs.

XMR/USD Long-term Trend: Bullish

  • Resistance levels: $120, $130, $140
  • Support levels: $50, $40, $30     

The price of Monero is in the bullish trend zone. On February 8, the crypto began trading above the 12-day EMA and the 26-day EMA. That is in the bullish trend zone. In retrospect, the price of Monero was in the bearish trend zone since January 10. At the bearish trend zone, the crypto was trading below the $46 price level.

Today the crypto is in the bullish trend zone, and it is trading above the $48 price level. On February 18, the crypto was in a bullish trend as the bulls broke the $50 resistance level and reached a high of $52 .On the upside, the crypto is likely to rise but may face resistance at $55 price level. Also, the bulls have to sustain a price above the EMAs. On the other hand, if the bears break below the  EMAs, the crypto will fall to the bearish trend zone. In other words, resume its downward trend.

Monero, XMRUSDMonero Chart By Trading View

Meanwhile, the Stochastic indicator is in the overbought region but below 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.                 

Russia Will Not Legalize Facebook's Libra Says Top Official

A top Moscow official has said that Facebook's planned new cryptocurrency Libra will not be legalized Russia, according to a report this week from Russia's state-run news agency TASS.

Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, said Russia would not legalise the Libra stablecoin, due for launch next year, as it may pose a threat to the country's financial system.

No Russian Liberty for Libra

While Aksakov acknowledged Russians would be able to buy Libra on international cryptocurrency exchange platforms, he warned that the creation of any domestic mechanisms of exchange would be limited, or even prohibited.

TASS quoted Aksakov as saying:

With regard to the use of Facebook cryptocurrency as a payment instrument in Russia at this stage - my opinion is that in our country it will be banned.

He added that in Russia there were no plans to adopt legislation that "gives space for active use of crypto-tools created in the framework of open platforms and blockchains" that may pose a threat to Russia's financial system.

International Ministers Speak Out

Aksakov is not the first financial minister to express concerns over Facebook's cryptocurrency plans and their potential to damage sovereign currency markets and financial stability.

On Tuesday, French economy minister Bruno Le Maire, said that global governments must ask Facebook for "guarantees" that Libra will not be aimed as a disruptive force against sovereign currencies.

Facebook's plans have US government and regulatory officials so rattled that a Senate hearing by the Banking, Housing and Urban Affairs Committee has been scheduled for July 16. The government has asked Facebook to halt work on the project until the hearings have been held.

Sherrod Brown, senior Senator for Ohio and the Democratic Party's ranking member of the Senate Banking Committee, said on his Twitter feed on Tuesday: "Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting their privacy. We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight."

While Aksakov has major concerns about the growth of the cryptocurrency sector, Deputy Finance Minister Alexei Moiseev said on Wednesday that the Russian government was set to adopt the country's crypto bill "On Digital Financial Assets" in the next two weeks.