Monero (XMR) Price Analysis – February 21

  • The price of Monero faces resistance at the $54 price level.
  • The bulls were earlier resisted at the upper price level, therefore traders should initiate short trades.
  • If the bulls had broken above the upper price level, traders should have initiated long trades in anticipation of a bullish trend.

Monero, XMRUSDMonero Chart By Trading View

XMRUSD Medium-term Trend: Ranging

  • Supply zones: $120, $130, $140
  • Demand zones: $ 45, $40, $30

The price of Monero is still range bound between the levels of $40 and $55. The lower and upper price levels were yet to be broken since December 17, 2018. On February 17, the bulls broke the 12-day EMA, the 26-day EMA and reached a high of $54.29. This is the resistance zone of the upper price level.

Since the crypto's price was resisted, the crypto is likely to resume its range bound movement. Traders should initiate short trades in anticipation of its range-bound movement. These short trades should be exited near the support zone of the lower price range. On the upside, if the bulls had broken the upper price level, traders should have initiated long trades in anticipation of a bullish trend.

Then a stop loss should be placed below the $55 price level. Meanwhile, the Stochastic is in the overbought region and below the 80% range. This indicates that the price is in a bearish momentum and a sell signal.

XMRUSD Short-term Trend: Bearish      

Monero, XMRUSDMonero Chart By Trading View

On the 4- hour chart, the price of Monero is in a bullish trend. On February 19, the bulls reached the high of $54.12 but the crypto faces resistance at the $54 price level. The crypto's price fell as the bears broke below the 12-day EMA and the 26-day EMA to reach the $50 price level. If the bearish trend continues the crypto will find support at $45 price level.

Meanwhile, the Stochastic is in the oversold region below the 40% range. This indicates that the price is in a bearish momentum and a sell signal..

 

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

XRP Trading Now Available to Customers of Huobi Marketplace in USA and China

On Thursday (April 18), Huobi Marketplace (formerly known as "HBUS"), the cryptoasset exchange operated by San Francisco-based company HBUS Holdco, Inc. ("HBUS"), the exclusive U.S. partner of Singapore-based Huobi Global Limited (“Huobi Global”), announced that XRP trading had become available on Huobi.com.

The Huobi Marketplace originally went live under the "HBUS" brand on 10 July 2018. Initially, trading was only available in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Tether (USDT), Civic (CVC), Dash (DASH), and TrueUSD (TUSD). By 29 November 2018, 12 cryptoassets and 35 trading pairs were supported. 

Then, on January 11, HBUS published a blog post in which the company's CEO, Frank Fu, said that HBUS had "obtained exclusive rights to use the Huobi brand in the U.S." and changed the name of its marketplace (i.e. crypto trading platform) from HBUS to Huobi. HBUS also said that it had migrated "from its previous website (www.hbus.com) to the new domain at www.huobi.com."

In a press release issued on the same day, which was also posted to its blog, HBUS explained that it would continue to be "the company operating the U.S. trading platform," while Huobi Global, Huobi Group’s flagship digital asset exchange, would continue "to operate under its own name at hbg.com."

Here is how HBUS explained the advantages of this strategic partnership with Huobi Global:

"The exclusive licensing agreement and partnership gives HBUS a reputable brand to provide U.S. traders with localized trading experience. A closer relationship also means more technological support from Huobi Global for HBUS, which will provide advanced stability and security features."

Thursday's announcement by Huobi Marketplace informed customers that in order to provide them with "carefully vetted and high-quality trading options," it was adding support for XRP:

"Starting now, you can deposit XRP on the Huobi Marketplace, and the estimated opening time for XRP trading and withdrawals will be April 19th, 2019 at 12:00AM PST. Supported XRP trading pairs include XRP/USD, XRP/BTC and XRP/USDT."

 

Featured Image Courtesy of HBUS