Monero hat die Anfang 2023 erzielten Gewinne bereinigt, gibt es Hoffnung für Bullen?

Moneros XMR stieg im Januar um 27 % und erreichte einen Höchststand von 188 $, gegenüber 147 $. Die auf den Datenschutz ausgerichtete Kryptowährung hat jedoch alle Gewinne während ihres Rückgangs im Februar korrigiert.

Timeline of Monero

Monero's [XMR] press time plunge was likely because of an increasing divergence in key technical indicators. XMR dropped by over 6% in the past seven days, as per Coingecko's data.

The Monero currency was first released in April 2014 as a Bytecoin fork. The coin was developed on the principle of fungibility and privacy and implements a unique concept known as blockchain obfuscation.

Monero [XMR] has broken above a higher timeframe trendline resistance, and also progressed past the $160 mark. The $150 – $160 area has been contested since September 2022, therefore the daily session close at $168 on 11 January was a sign of bullish intent.

The last 12 months have been tough on digital currency investors as the crypto winter has caused a large sum of value to leave the once-bustling economy. The privacy coin economy, for instance, shed more than 55% against the U.S. dollar as it dropped from $11.7 billion in Jan. 2022 to the current $5.22 billion.

Multiple investors face problems making withdrawals in their Monero (XMR) wallet in Binance, prompting a public outcry on Reddit.  XMR withdraws worries An agitated customer, identified as WhatJay, posted a screenshot showing XMR withdrawal suspension.

It was a red week for the S&P 500 which fell 6.4% from Tuesday's (13 December) open at 4092 to a low of 3829 on Friday (16 December). This began to hurt Bitcoin on Wednesday (14 December) when BTC tested the $18.2k level as resistance.

XMR endured the market collapse, putting up an impressive performance in the last thirty days Traders' interest was unusually high with a possibility of sustenance At a time where a bunch of crypto projects have been struggling for survival, Monero [XMR] seemed to have found stability.

 Monero recorded decreases in its social volume and dominance, leading to a shrink in trading volume The decline, however, did not stop XMR from showing signs of leaving the bearish zone Privacy-focused cryptocurrency Monero [XMR] faced investor concern recently as its social metrics decreased.

Unus sed leo was a notable gainer on Thursday, as the token surged towards a one-week high. The move comes as crypto markets seem to have settled, a week on from the turbulence caused by the FTX collapse. Monero also rallied, climbing above the $130 level.

Monero [XMR] could be seen on a strong bearish retracement this week after previously delivering a strong upside. The retracement was the perfect opportunity for short sellers to take advantage of and make some profits.