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Cake Wallet is sponsoring the Monero {XMR} meetup to be held at the end of August; price plunges

Bitcoin

Monero is ranked at #11 below Stellar Lumens in the market. XMR plummeted by 7.56% in the course of the past 24-hours. The trading volume recorded is $87.345 million, whereas the supply has 17,153,728 XMR tokens involved for now. The total market cap of Monero is $1.431 billion. At present, XMR is priced at $83.48.

A new report by CipherTrace states that Bitcoin is still being used for transactions occurring in the dark markets. Cyber criminals predominantly use BTC instead of XMR for fund transfers. The report also states that LIBRA will lead to bring about less volatility for cryptocurrencies. LIBRA is an undertaking headed by David Marcus [the CEO of Calibra] and is currently facing flak from lawmakers in the U.S. and China.

The Awesome Osillator peaks for Monero have been brown from 12th August onward [they are above the zero line as of this moment]. The distance between lead 1 and lead 2 [for the Ichimoku Cloud] has been steadily growing in the red zone. This points to bearish pressure persisting in the market.

Support for XMR exists near the $76.94 level, whereas resistance may be felt close to the $97.95 mark. The daily RSI [for 10 periods] has been declining from 7th of August, and is at 41.12 presently. A further drop may bring XMR in oversold territory.

If you’re in Zurich, don’t miss the meetup dedicated to the enthralling Monero community

The MACD line has dipped below the signal line, and the histogram has turned red. This indicates sellers headlining the spiral downwards.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.