#Monero $XMRUSD One Year AnalysisCRYPTO:XMRUSD
Keylevels / Range
$120: Lowest trend price. If the price closes below this level, it would signal a bearish trend.
$163: Lowest range price. A close below this level would unlock a new lower zone extending down to $120.
$203: Current price.
$233: Upper limit of the current channel/wedge.
$370: Long-term target.
Analysis:
Monero has been trading within a range of $183 to $206 for the past two weeks. The price has closed above $197 for the first time since May 2022. This move potentially unlocks a new range, reaching at least $233, where the upper limit of the current channel/wedge and a monthly/weekly supply zone are located.
A weekly close above $237 would strongly indicate the unlocking of a new charted zone extending from $237 to $370.
Coin Bio:
Monero (XMR), is a privacy-focused cryptocurrency launched in April 2014. It was originally forked from the Bytecoin blockchain. Unlike many other cryptocurrencies, Monero's primary focus is on ensuring the anonymity and untraceability of transactions.
Key features include:
Ring Signatures: Obfuscate the sender's identity.
Ring Confidential Transactions (RingCT): Hide the transaction amount.
Stealth Addresses: Create unique, one-time addresses for each transaction, obscuring the receiver's identity.
These features make Monero attractive to individuals seeking financial privacy and are a core differentiator in the cryptocurrency space. It's developed by an anonymous community of developers and has gained significant traction for its commitment to private and fungible transactions. While its focus on privacy can be controversial, it remains a prominent cryptocurrency with a dedicated user base. XRMUSD specifically refers to the trading pair of Monero against the US Dollar.
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