The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
All Alt Coin

Is $350 REALLY a long shot for Monero

by Miki 08/22/2021
by Miki 08/22/2021 0 comment

Just like most other alts in the market, Monero too saw a decent rally over the past week. Apart from the broader market sustaining its uptrend, however, another critical factor had a role to play this time. The BTC-XMR atomic swap went live on Monero’s mainnet a few days back.

Atomic swaps allow users to swap or exchange their cryptos without the involvement of third parties in a completely decentralized manner. Already the leading “privacy coin” in the crypto-space, Monero has now become a little more private.

Impact on price

Right after the swaps went live on the network, Monero’s valuation started increasing. In fact, at the time of writing, XMR’s valuation was heading towards a two-month high. Now, as can be seen from the attached chart, the token’s price dunked below the 200-day SMA in the period between 17-19 August. However, the trend managed to reverse itself after the 20th. Since then, the price has remained above it.

Notably, Monero faces two mild resistances $295.26 and $309.78 at this stage. If these levels are successfully breached within the next few hours, XMR’s valuation has the potential to cross $350 by the end of this month.

XMR/USDT || Source: TradingView

Do the metrics support a rally?

In all likelihood, yes. The current volatility level (0.63), for starters, just seems to be perfect to sustain Monero’s rally. High volatility usually corresponds to a dramatic price swing in both directions, but mild volatility levels tend to aid long-term rallies. Interestingly, when the volatility of Monero dipped from 0.78 to 0.6 last month, its price ended up surging by about 13%.

The transaction count too, for that matter, has risen massively in the macro framework. Between June and July, the number of transactions used to revolve in the 13k-20k range. However, the same crossed 30k quite a few times in August. As far as this alt is concerned, the increase in transaction count has always coincided with its price rise. Ergo, this is another positive sign.

The trading volume too depicted a similar trend. On 20 August, Monero’s real volume stood at its one-month high ($114 million). A rise in volume doesn’t always guarantee that market participants are buying the token. However, the rise in circulating supply confirms the same this time.

Source: Messari

As per Messari’s data, Monero’s circulating supply witnessed a steep spike from $4.5 billion to $5.1 billion in just a matter of two days. Its current levels, again, are at their one-month peak. Ergo, it can be inferred that more tokens are circulating among market participants at this stage.

Furthermore, the social sentiment too remains strong at this point. The number of Reddit subscribers, for instance, has been gradually increasing on a daily basis. This ultimately means that the rally is backed by Monero’s community. A strong social sentiment is an added advantage on any given day.

What to expect going forward?

Looking at the state of all the aforementioned metrics and the trend on the price chart, it can be said that current market conditions are typically in the mood to welcome Monero’s price rally. After consolidating for weeks, in the $200 bracket, it is finally time to expect Monero’s valuation to cross $300 and maybe, $350.



Source link

Views: 10
longMoneroshot
Share
0
FacebookTwitterPinterestEmail
previous post
Polkadot, EOS, Dogecoin Price Analysis: 22 August
next post
Cardano’s HODLers have a lesson to learn about short-term gains

Related Posts

Are Solana’s bulls really strong enough to halt...

12/29/2021

IXFI Announces Launch of New-Age Exchange Platform

12/29/2021

Litecoin repeating history will have this effect on...

12/28/2021

More than just a game – what GameFi...

12/28/2021

Even as network hits one million users, FTT...

12/28/2021

Fintech Expert Makes Six Bold Predictions for Crypto...

12/28/2021

A recovery rally in play for Sushiswap, as...

12/28/2021

SEC Accused of Deliberately Trying to ‘Kill’ XRP...

12/28/2021

Recent gains may finally boost Aave’s dominance in...

12/28/2021

Santa Floki Price Rallies 5,000% after Elon Musk’s...

12/28/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • How DeFi Protocol Insurance Boosts Confidence Among Investors?

  • India Won’t Recognize BTC As Currency, Nor Does It Collect BTC Transaction Data

  • Record $900 Million for NFT Sales as CryptoPunks Go Strategic

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$29,953.00-2.66%
  • ethereumEthereum(ETH)$2,036.15-2.90%
  • tetherTether(USDT)$1.00-0.07%
  • usd-coinUSD Coin(USDC)$1.00-0.11%
  • binancecoinBNB(BNB)$300.00-1.21%
  • rippleXRP(XRP)$0.429319-3.11%
  • cardanoCardano(ADA)$0.56-4.44%
  • SolanaSolana(SOL)$54.45-3.52%
  • Binance USDBinance USD(BUSD)$1.00-0.04%
  • polkadotPolkadot(DOT)$10.82-4.48%
  • dogecoinDogecoin(DOGE)$0.089061-2.06%
  • AvalancheAvalanche(AVAX)$33.44-3.96%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$29,986.00-2.63%
  • Lido Staked EtherLido Staked Ether(STETH)$2,000.40-2.95%
  • tronTRON(TRX)$0.069560-2.32%
  • Shiba InuShiba Inu(SHIB)$0.000012-2.41%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • daiDai(DAI)$1.000.14%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • CronosCronos(CRO)$0.195844-1.15%
  • litecoinLitecoin(LTC)$68.88-0.86%
  • LADZLADZ(LADZ)$0.0686894.36%
  • matic-networkPolygon(MATIC)$0.69-4.27%
  • NEAR ProtocolNEAR Protocol(NEAR)$6.73-4.63%
  • leo-tokenLEO Token(LEO)$4.90-2.77%
  • FTX TokenFTX Token(FTT)$31.82-0.46%
  • HederaHedera(HBAR)$0.389473-3.44%
  • bitcoin-cashBitcoin Cash(BCH)$201.92-3.63%
  • RareRare(RARE)$0.0461220.00%
  • chainlinkChainlink(LINK)$7.56-1.47%