Monero Price Analysis: BTC-XMR Atomic Swap Officially Launched on Network The First Supplier to Join

Fibo Quantum

  • Monero has become a bit more private than before.
  • The 24-hour trading volume is at $246 million.
  • XMR/BTC pair is trading at 0.00572687 BTC with a 0.7% decline.

The daily technical chart of Monero price action displays an uptrend. According to the pivot levels, the primary support level is $212. On the other side, if it rushes up, the resistance level to follow is $362. Although the chart forms a pin bar candlestick pattern within the day, it is predicted that the price may remain upwards with medium reliability.

The Zig-Zag framed a top of $517.60 on May 03. After that, investors can notice a massive correction of 66%, all the way low to $171.48. Now price levels are back around the range of $200, with a recovery of 62% this month. 

The volume of (68.122K) is below the MA of 20-days (112.657K). As a result, the volume is moderate and increasing, causing its price to test around the resistance zone. Investors may also mark that the volume bars on the chart are inclining, which intimates that notable volatility is expected in the upcoming trading session. 

The RSI indicator gave a (bullish) signal with 55, projecting a buy signal in the coin. Investors may observe an inclining slope from 44 to 55. It may surge in future trading sessions.

A Bitcoin Monero Atomic Swap Went Live on The Monero Network in May

According to the latest tweet, individual Monero users have become one of the first providers on the web. Now, all Monero users can trade using the command-line interface (CLI). As mentioned in the tweet, the exchange has a relatively high fee of 20%, which is usually used in Bitcoin ATMs. 

The community is eager to reduce fees, and some additional exchange providers are now appearing on the network. Atomic swap allows users to exchange their coins with or without a third party participating in a completely decentralized way. 

Since Monero is positioned as a “privacy currency,” the community has high hopes for atomic exchanges due to the centralized nature of most exchanges. Currently, users must use the command line interface to exchange. The developers promise that the graphical interface will be implemented soon.

Resistance: $362

Support: $212

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