Monero’s token, XMR has been bumped up to the 10th largest cryptocurrency by market capitalization. It saw a 35% gain in the past seven days. With the surge, it also broke above the important daily Ichimoku cloud. Here's an overview.
Monero's XMR Overview
Monero has been getting crypto miner’s attention as one of the most profitable cryptos to mine in the past few months as Bitcoin mining profit has been sliding. It also gained recognition as one of the strongest privacy coins, because it's designed in a way to ensure that all XMR transactions are 100% unlinkable and untraceable. But one of the reasons behind recent hype around Monero may be because The Economist dropped its name in one of its recent articles, along with other cryptocurrencies including Dash, Litecoin, and Ether.
XMR/USD Technical Analysis
From a technical standpoint, the hype looks legit though, as XMR/USD just confirmed a break above the daily Ichimoku cloud, and completed a saucer bottom bullish reversal chart pattern when it broke above the 120 pivot point. While we could see a temporary pullback towards the cloud as we normally do, it looks like XMR could reach the 76% Fibonacci retracement level of $163 if the bulls continue to ride on this new uptrend.
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This article was originally published here