The price of Monero rises 6%
Trading

The price of Monero rises 6%

By Federico Izzi - 17 Oct 2019

Chevron down

Today sees only two positive signs among the top 20 in the standings, Monero and Chainlink. The price of Monero (XMR) rises by 6%, returning to the $58 area, which was abandoned at the end of September. 

monero price

The price of Monero is now going to test this area of resistance, which in case of breakage, supported by high volumes, would project prices in the $65 area in the coming days. A possible return below 55 dollars would be a false break, a feature that occurred several times in recent days, like the failure to exceed 195 dollars for Ethereum or the failure to break 30 cents for Ripple. For this reason, technically speaking, Monero will have to confirm the price at 55 dollars.

The other positive of the day is Chainlink, which rises 1% trying to regain the 2.35 dollars.

monero price

0x and Basic Attention Token are also doing well, rising between 5-6%. The recovery by 0x is very positive, as it aims to consolidate prices above 30 cents, confirming the break of the bearish trend that has persisted since the beginning of last April.

BAT is consolidating prices above 18 cents, highlighting also in this case the breaking of the bearish trendline present since last April. 

For the rest of the cryptocurrencies, the failure of the confirmations above the medium-term resistances is making investors pessimistic again, with low volumes seeing a prevalence of sales and movements that have brought prices back to test the lowest support levels of the last weeks.

Binance Coin (BNB) is just below par (-1%). Its price has not been particularly affected by the news: 2 million Binance tokens have been burned, equivalent to about 37 million dollars, but this is not reflected in the price of BNB, despite the good numbers from the business point of view. Binance, in fact, has reached a record of $700 million on the futures traded on the Binance platform, but this is not reflecting positively on the price. 

Among the top 15 cryptocurrencies, the worst decline is that of TRON (TRX), which loses 5% and continues to give indications of being in a bearish trend in the medium term. The other two negative ones of the day are Litecoin (LTC) and Bitcoin Satoshi Vision (BSV), both losing 4.5%.

Bitcoin and Ethereum both fell 2%, while Ripple sustained the decline more effectively with a negative movement of just over 1%.

Despite the difficulties of this day’s downturn, the market cap remains over 217 billion and the dominance of the bitcoin remains stable at 66.4%, while the dominance of Ethereum is below 8.8%. Ripple continued to consolidate its dominance at over 5.6% in spite of the difficulties.

monero price

Bitcoin (BTC) price

Bitcoin dangerously returns below the psychological threshold of 8,000 dollars, a signal that does not attract volumes and purchases, which in the last week continue to be very low, well below the average of the last two months.

The trend of bitcoin, which remains caged between 7,800 and 8,700 dollars, is not a positive sign and comforting in the short-term as it does not update the indications that continue to remain the same as in the last days. 

It is necessary to pay attention to possible breaks that in case of violations would attract prices to 7,500-7,200. Whereas in order to gain confidence it is necessary to go beyond the 8,500-8,700 dollars and then vigorously break, with the support of the volumes, the 8,800 dollars.

monero-price

Ethereum (ETH)

For Ethereum, the situation is daunting. Ethereum continues to suffer from the bearish trendline that draws a weak and negative downward trend since the end of June. 

The new test of the 190 dollars two days ago, after the one before at 195 dollars, sees each time prevail the defence of the trendline with downward movements that reject any bullish attack. 

For Ethereum it is necessary to push as soon as possible beyond 190-195 dollars to provide the necessary push to go back over the 200 dollar area abandoned for the first time in mid-September.

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. Since May 2017 he is officially a Bigbit technical analyst. He was interviewed as a #cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on #Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.