Monero (XMR) Long Term Price Analysis – March 19

  • The price of Monero will rise to retest the upper price level if it falls to the support of the 12-day EMA.
  • The crypto's price  will fall into the previous price range of $48 and $52 if it retraces and breaks below the EMAs.

XMR/USD Long-term Trend: Ranging

  • Resistance levels: $70, $80, $90
  • Support levels: $50, $40, $30     

 The price of Monero is still range bound between the levels of $40 and $55. On March 16, the bulls tested the $55 upper price range and were resisted. As earlier suggested, a range-bound trader can trade the key levels of the price range.

Generally, in price action, prices do respect the historical price level. However, in exceptional cases, this assumption does not hold when we have a price breakout or a price breakdown. Nevertheless, at the upper price level, you initiate a short order and exit near the lower price level.

Monero, XMRUSDMonero Chart By TradingView

The price of Monero is above the 12-day EMA and the 26-day EMA which indicates that the price is likely to rise. The crypto’s price is retracing from the upper price level, and if it falls to the support of  the 12-day EMA, the crypto’s price will rise to retest the upper price level.

On the downside, if the price retraces and breaks below the EMAs, the crypto’s price will fall into the previous price range. The previous range is the tight range between the levels of $48 and $52. Meanwhile, the stochastic is out of the overbought region but below the 80 % range. This indicates that the price of Monero 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.                 

Binance Raises Eyebrows After Confirming Coinmarketcap Acquisition

Binance Holdings Ltd., the firm behind leading cryptocurrency exchange Binance, has confirmed the acquisition of cryptoasset tracking platform CoinMarketCap.

In a blog post, Binance confirmed the acquisition and claimed CoinMaketCap “stays committed” to providing quality cryptocurrency data to its users “while benefiting from Binance’s expertise, resources and scale.” It added CoinMarketCap has “maintained independence from external stakeholders since its inception” and will keep being an independent business entity.

In the post, Binance CEO Changpeng Zhao was quoted as saying CoinMarketCap is the “landing page of crypto.” The acquisition was first reported on by TheBlock, which wrote the platform could be changing hands for as much as $400 million in cash and stock.

While Binance’s BNB token and the Binance exchange are listed on the platform, the post responded to users’ concerns surrounding the acquisition writing:

CoinMarketCap and Binance are separate entities that maintain a strict policy of independence from one another: Binance has no bearing on CoinMarketCap rankings, while CoinMarketCap has no influence over Binance’s operations.

As CryptoGlobe reported, users expressed concern surrounding CoinMarketCap’s data after the acquisition was first reported, as managing the platform could be very beneficial for Binance, which could use it as a funnel to gain new users.

Speaking to Bloomberg News Nic Carter, co-founder of Coin Metrics, noted that Binance could also set its platform as the preferred exchange by topping the rankings by default.  Carter added:

While the move may cause some to question CMC’s [CoinMarketCap’s] ability to remain a neutral data provider, it could potentially be very productive for Binance.

Binance’s blog post details CoinMarketCap’s founder Brandon Chez is stepping down as CEO to focus on his family, while current Chief Strategy Officer Carylyne Chain has been named interim CEO.

The cryptocurrency exchange recently raised users’ ire after participating in what was dubbed a hostile takeover of the STEEM blockchain, later on removing the vote. CoinMarketCap’s data itself has also been heavily criticized, with one filing with the Securities and Exchange Commission from Bitwise Asset Management arguing 95% of the trading volume it reports is fake or non-economical in nature.

Cryptocurrency exchanges have been known to use schemes that help boost their trading volumes – in some cases allegedly going as far as wash trading – to boost their rankings on CoinMarketCap and gain visibility.

Addressing the issue Zhao noted it wasn’t an easy problem to fix, adding that almost everything “requires some kind of judgement or algorithm.” While the acquisition comes at a time in which the economy has been suffering because of the COVID-19 outbreak.

Market volatility has, however, been good for crypto exchanges. Zhao revealed Binance’s traffic increased about five times over the past few weeks, while Coinbase had already revealed its volumes grew after the March 12-13 market crash.

Featured image by David McBee from Pexels