Monero Price Analysis for July 10th – XMR Correcting After Growth

By Dmitriy Gurkovskiy, author at RoboForex Blog

After growing for two days in a row, the XMR is stepping back: on Friday, July 10th, it is trading at 65.82 USD.

Since last week, not much has changed on the XMR/USD chart. The pair behaves as other coins do, demonstrating little volatility. The price is moving between 50.0% and 61.8% Fibo. On D1, the Monero is forming a bounce off 61.8% with the aim of 50.0% Fibo. The MACD histogram stays near zero, the signal lines are also there, which confirms a flat. Judging by the low volatility of the asset, the decline may stop at 50.0%.

Monero XMR/USD price chartXMR/USD price chart

On H4, the Monero is forming a bounce off the upper border of the descending channel. Comparing to the previous movements, we may suppose that the pair will go on declining to the lower border of the channel. The Stochastic is still heading for the overbought area, while the price on the chart is going down. Judging by this data, declining is currently more probable than growth.

Monero XMR/USD price chartXMR/USD price chart

In the crypto world, there is no bright news dictating the market where to go, hence, investors are checking all incoming information.

For example, research by Blueleaks has attracted attention recently. Referring to an information leak from the FBI, it reveals some fraud which consists of stealing the BTC by various schemes and transfiguring them into the confidential XMR, Monero.

There are several ways of realizing such a scheme. The investigation is focused on three ways of work, each connected somehow to a crypto-exchange service Morphtoken. To test the principles of such work, the FBI sent 11 BTC to Morphtoken – at that moment they equaled 80,000 USD – to be converted into the XMR. Moreover, the FBI analyzed commission fees for transactions with the BTC made in Cryptonia from May through September 2019 and revealed a certain pattern: most of the assets were sent to addresses connected to Morphtoken.

Fraudsters keep polishing the ways of making money on the weak points of blockchains and financial transfers – quite often, they use the high privacy of the crypto sector for their purposes. This is the reason for large banks and institutional investors all over the world being so cautious with cryptocurrencies.

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.

Publication date: 
07/10/2020 - 14:22
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.