Correction is XRM is not over yet

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

Monero continues correcting after the February rally. On Friday, February 26th, the cryptocurrency is trading at $197.

XMRUSD has been falling this week. In the daily chart, Monero is testing 38.2% fibo. The next correctional target within the ascending tendency may be the support at 50.0%, a rebound from which may result in a new wave to the upside. The MACD histogram, as well as its signal lines, continue moving downwards. If we take a closer look at the chart, we will see that in the nearest future the pair may form a correction, which may later be followed by a further uptrend to update the highs. In this case, the upside target may be at $290.

As we can see in the H4 chart, Monero has also broken the support level. Judging by the previous movements, we may assume that the pair may continue the correction to reach the closest support at 50.0% fibo. The Stochastic indicator is falling towards the “oversold area”, while the price in the chart is getting ready to break 38.2% fibo. These factors indicate that the correctional scenario towards the support level is more likely. After completing the correction, the instrument may resume growing. the upside target here is the same as above, $290.

The Monero community has raised about $150,000 as part of its proposal to add XRM as a payment method for buying Tesla cars. When Elon Musk’s Tesla hinted that it may start accepting payments in BTC for electric cars, the Monero community suggested XRM as another reliable payment option.

Since February 9th, the community has raised almost $150,000 and will strive to get Musk’s attention during a 21-day period starting that date. If Tesla accepts the initiative, the Monero will choose 3 charity organizations to get new Testa cars. At the same time, the community guarantees to refund the contributors in case the initiative fails.

Of course, the plans of Monero imply much more than an ordinary collection of money. The company would surely like to start more serious cooperation with Tesla, by offering its blockchain opportunities with confidentiality options that are unique if compared with others. The community believes that many Testa car owners might be interested in specific privacy options.

Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

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