- Bullish bias continues despite a bug in Monero (XMR) privacy token
- Bullish bias surrounding the U.S. dollar keeps the XMR/USD pair under pressure
- Today’s idea is to place a buy limit at $220 to target $230 and $234 levels.
The XMR/USD pair maintained its previous-session bullish bias and remained well in demand over the $225.00 level. Monero price forecast remains slightly bullish on Wednesday, as the pair is still trading in between an upward channel. The upward rally in the Monero coin has emerged even after the software developer found a bug in the Decoy algorithm of XMR, with some implications regarding its privacy.
Bullish Bias Continues Despite a Bug in Monero (XMR) Privacy Token
Developers of the privacy token Monero (XMR) have found a bug that breaks its transaction privacy. This news failed to leave any notable negative impact on the Monero prices, at least for now. The Monero price is trading at $225.899 with a 24-hour trading volume of $211,536,133. Monero is rose by 2.90% in the last twenty-four hours.
Moving on, the upticks in the XMR/USD pair could be short-lived. Monero’s official Twitter account notified users of a “rather significant bug” in the Decoy system.
Software developer Justin Berman at first discovered the bug. He discovered that if a user pays their XMR tokens following 20 minutes of receiving them (two blocks time), it’s likely that their transaction will be identified as the true transaction, breaking users’ privacy. This negative headline could cap further gains in the XMR prices.
Upticks in Dollar Keep XMR/USD Pressure Below $234
The latest bullish bias surrounding the U.S. dollar was seen as another key factor that could keep the XMR/USD pair under pressure. The broad-based U.S. dollar managed to extend its previous-session upward rally. It took some further bids on Wednesday, as marker risk-off sentiment tends to underpin the safe-haven dollar.
Thus, the upticks in the U.S. dollar kept the XMR/USD prices under pressure. On Wednesday, XMR/USD followed the prevailing bullish market sentiment and turned green for the day after falling for three consecutive sessions.
Monero Price Forecast – Technical Outlook: Resistance at $235
Monero price forecast is bullish above the $217 support mark. The XMR/USD pair is still maintaining an upward channel extending support at the $217 level. It has the potential to drive further buying trends in XMR/USD.
The 50 periods EMA (Exponential Moving Average – Red) supports the bullish trend in Monero, extending support at the $217 level. Whereas, the resistance holds around $234 level.
The 4-hour Stochastic RSI hasn’t been able to crossover 50 level, suggesting odds of a bearish retracement in XMR. Therefore, the XMR/USD bulls can trigger profit-taking until the $220 level is tested.
The XMR/USD price forecast remains slightly bullish above $220 level today. Thus, the forex trading participants may look for placing a buy limit at $220 to target $230 and $234 levels. Alternatively, selling trades can be seen below $215 to target $204. All the best.
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