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.                 

Brave and bitFlyer Partner to Develop Crypto Wallet and 'Expand the Recognition of Cryptocurrencies'

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bitFlyer, the leading cryptocurrency exchange in Japan in terms of trading volume, has partnered with Brave Software, the organization behind the popular privacy-centric Brave browser, to launch a new cryptocurrency wallet and “'expand the recognition of cryptocurrencies'.”

According to an announcement published by bitFlyer, the cryptocurrency exchange and Brave will develop a “crypto asset wallet for Brave browser users.” The announcement does not add any details on the wallet, but speculators believe the wallet may be related to the browser’s BAT token rewards.

In Japan, Brave’s users cannot earn Basic Attention Token (BAT) rewards because of local regulations, and instead of Basic Attention Token Points (BAP), which cannot be traded for money or BAT.

The new cryptocurrency wallet could allow users to either earn BAT or convert their BAP to BAT or use them to buy other cryptoassets, for example. Speaking to Cointelegraph a Brave spokesperson stated:

At this point, we are using ‘points’ to reward users but there are some limits. [Through the partnership] we think it may be possible to go beyond that.

Details about the cryptocurrency wallet will be revealed on July 30 at an event in Tokyo, in which Brave’s founder and CEO Brendan Eich will participate. IT is set to mainly target advertisers. In the announcement, bitFlyer added it listed Brave’s BAT token in April of this year.

Brave, it’s worth noting, has been expanding its influence in Japan. Last month it partnered with Japanese esports team Rush Gaming to develop browsers exclusively for its users. Those who use Rush Gaming’s browser will earn BAP watching ads while surfing the web. Users can then use the points to support Rush Gaming.

Brave and bitFlyer will also be launching a joint marketing campaign to “expand the recognition of cryptocurrencies and blockchain technology.” The announcement reads:

We will also launch a joint marketing campaign to expand the recognition of cryptocurrencies and blockchain technology among our customers and to improve customer convenience.

As CryptoGlobe reported, BAT whales have been in an accumulation phase over the last few weeks, as the top ten BAT addresses have over a one-week period added nearly 6% of the cryptocurrency’s total supply to their wallets.

Featured image by Simon Rae on Unsplash.