The cryptocurrency market is due for a recovery, after weeks of significant bearish trends since the start of the month. On Friday, the collective market’s valuation plummeted to under $140 billion. Concerns regarding the Bitcoin Cash hard fork have since waned, with Bitcoin Cash ABC garnering more support than Bitcoin Cash SV. The market is looking to stabilize, though most coins are only posting marginal gains. Monero [XMR] has seen the most gains in this short bullish period and is looking to recover $800 million it lost from its market cap since the bearish onslaught began.
The key resistance level for the coin was noted at $69.79, a level that XMR last touched earlier this week. The key support level can be found at $63.69 and the crypto is trading well above this level. The MACD shows that the token is looking to break into the bullish zone. The 100 EMA line points to an uptrend for Monero.
The hourly RSI indicator stands at 56.81, which suggests that buying interest is on the rise. The trading range exhibited by the coin is $67.84-$70.79, with the coin pushing towards the lower end of the scale. At press time, the coin had risen 5.6% against the U.S. dollar and was valued at $68.1.
The virtual currency has edged up 3.4% against the top crypto Bitcoin [BTC] and currently, one XMR can purchase 0.01538229 BTC.
Monero’s market cap has plummeted over $800 million twice since the start of the month. The first time was prior to the BCH hard fork, with the coin’s market cap dropping 15% to $1.47 billion in less than a day. The second time was earlier this week, when its market cap was slashed 28% in two days and placed just above the $1 billion mark at $1.07 billion. Since the recent recovery, its market cap has increased by over $100 million and currently stands at $1.11 billion.
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