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Monero (XMR) bullish: Heading towards $500?

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Monero (XMR) has increased by 350% in the yearly timeframe. The coin had established its all-time high at $485 in the bull run of 2017. Even though the Monero coin is under bullish pressures, the cryptocurrency has not yet been able to break its ATH. At the time of writing, Monero stands at a price of $419. The price has fallen by 5% while the daily trading volume has decreased by 25% in the past twenty hours. Monero stands at 21st position in the market with the capitalization of the coin also falling.

Monero (XMR) Technical Analysis

The market sentiment for the Monero coin is bullish with a majority of the technical indicators giving out a buy signal. Out of the 26 technical indicators, fourteen stand at a buy position while nine are neutral indications with only three sell signals. The breakdown of the indicators is such that oscillators are standing at a neutral position while the moving averages are strongly bullish.

Monero (XMR) Technical Analysis
Monero (XMR) Technical Analysis

A trader has identified an upwards trajectory for the Monero coin. The trader has set a price target of $550. The coin is having strong support at the price level of $312. The trader is also expecting a possible crossover of exponential moving averages with the price currently moving above the 55 moving average.

Recent developments

Monero coin has been getting increased traction as the cryptocurrency market exploded. The community of XMR had a role to play in the rise of Monero. The community of Monero had been pushing towards Monero being accepted as a payment method for Tesla. Although the efforts have not been fruitful and Tesla only announced accepting Bitcoin as a payment method, it still resulted in attracting a wider audience.

The development team of Monero has also been working diligently on creating a trustless swap between Monero and Bitcoin. Farcaster is the project dedicated towards atomic swaps while COMIT is tasked with creating a swap tool. Moreover, THORChain has also announced a partnership with Haven in order to integrate Monero into its blockchain., the first cryptocurrency bases travel services company, has also announced the integration of Monero as a payment method. The privacy coin can now be used to pay for more than 2 million travel products on the platform.

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