The Monero continues to grow with its privacy and security goals, and it utilizes high-level cryptography to hide the identities of senders and recipients. As a result, hackers are increasingly choosing the Monero coin for privacy-centered cryptocurrency, instead of Bitcoin. As we all know, the identity of parties involved in Bitcoin transactions can easily be traced, because the blockchain is public and transparent. This is why more and more people are choosing the Monero coin over Bitcoin, and this rising interest could push the value of Monero further up.
XMR/USD – Quick Trade Idea
The XMR/USD pair is trading with a bullish bias at 286.85, heading north towards the double top resistance level of 309. The Monero has formed an ascending triangle pattern and a three white solider’s pattern, which demonstrate a strong bullish sentiment among investors. The daily 50 EMA timeframe suggests an upward trend in the coin, while the immediate support continues to underpin around the 271 and 232 levels. The MACD and RSI support a buying trend; therefore, we should be looking for buy opportunities in the XMR/USD pair. Check out the FXLeaders trading signals page for more updates on the Monero signal. Good luck!