By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Private Banks RankingPrivate Banks Ranking
Notification Show More
Latest News
MU, PARA, MKC and more
MU, PARA, MKC and more
Finance
China tackles chip talent shortage with new courses, higher pay
Business
JPMorgan’s Jamie Dimon to be deposed in Epstein case, plaintiffs’ lawyer says
Banking
First Citizens acquisition could leave SVB parent’s $1.9B in limbo
First Citizens acquisition could leave SVB parent’s $1.9B in limbo
Banking
Finding Available Land Much Easier Than Developing It
Aa
  • Finance
  • Business
  • Banking
  • Investing
  • ETFs
  • Mutual Fund
  • Personal Finance
  • 2022 RANKING
Reading: Monero scores high on social ranking, but is it enough to rejuvenate bulls
Share
Private Banks RankingPrivate Banks Ranking
Aa
  • Finance
  • Business
  • Banking
  • Investing
  • ETFs
  • Mutual Fund
  • Personal Finance
  • 2022 RANKING
Search
  • Finance
  • Business
  • Banking
  • Investing
  • ETFs
  • Mutual Fund
  • Personal Finance
  • 2022 RANKING
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Private Banks Ranking > Blog > Cryptocurrency > Monero scores high on social ranking, but is it enough to rejuvenate bulls
Cryptocurrency

Monero scores high on social ranking, but is it enough to rejuvenate bulls

By Private Banks Ranking 3 weeks ago
Share
4 Min Read
Monero scores high on social ranking, but is it enough to rejuvenate the bulls
SHARE
  • Monero enjoys healthy social volume which may aid in attracting back investors.
  • XMR conforms to the market conditions this week despite previous resilience.

Monero achieved some level of success in overcoming sell pressure towards the end of February and briefly in the first week of March. However, the bears have finally caught up with it this week triggering significant price slippage.

Contents
Monero is still enjoying some healthy visibility Conclusion

How many are 1,10,100 XMRs worth today?


Monero’s price fell by roughly 14% courtesy of the prevailing bearish market conditions this week.

It danced around the 200-day moving average prior to that, before eventually yielding to the bears. It hovered around the $132 support line at the time of writing, while almost dipping into oversold territory on the RSI.

Monero price action

Source: TradingView

Monero is still enjoying some healthy visibility

That said, however, Monero still managed to secure a win in the social ranking despite the losses suffered in its price action.

LunarCrush’s latest ranking picked Monero as the coin of the day in terms of social ranking. This was a sign that it was receiving a lot of social attention which is a good thing especially now that it is at a discount.

Today’s Coin of the Day according to the social ranking by @LunarCrush is $XMR (@monero)⚡️

Top influencers are @halomancer1 @100xShaman @CrypttoManiac_ @fluffypony✨🚀 pic.twitter.com/rRySSFIuiE

— BlockTalks (@HiBlockTalks) March 9, 2023

The favorable social ranking suggests that Monero might be in a position to sum up robust volumes for a sizable comeback if need be.

See also  Dogecoin [DOGE] bulls open the floodgates: Can March losses be reversed

The ranking reflects the surge observed in social volume this week, leading to a new monthly peak on Tuesday. It also registered another sizable surge in the last 24 hours, at press time.

Monero weighted sentiment and social volume

Source: Santiment

A surge in Monero’s weighted sentiment accompanied the robust social volume activity. Its weighted sentiment highlighted an inverse correlation with the price movement. But the dynamics of XMR holders offered a more interesting outlook.


 Realistic or not, here’s XMR market cap in BTC’s terms


Monero’s on-chain volume achieved a new monthly high in the last 24 hours at press time. At the same time that its price registered its largest single-day move in the last two weeks.

Monero volume and volatility

Source: Santiment

XMR volume has since demonstrated signs of slowing down, after its peak on Friday.

A potential sign of bearish exhaustion. Interestingly, the price volatility metric pivoted on the same day after previously slowing down.

Nevertheless, it remains unclear whether this volatility may represent a strong wave of accumulation especially now that the price is trading at a discount.

Conclusion

There are multiple signs so far that highlight the chances of a pivot, such as the support retest and interaction with oversold conditions.

However, this does not necessarily guarantee that Monero bears are done. We may still witness more downside if the FUD prevails but the extensive pullback also means a bullish pivot might be just around the corner.



Source link

You Might Also Like

Polygon [MATIC] sees uptick in these metrics, what does the future hold

Popular Crypto Analyst Says Bitcoin’s Short-Term Volatility a Distraction From Upward Macro Trend

Analyzing Q1 Metaverse NFT report card; Otherdeed saw 200% increase in…

Cardano [ADA] hits a price ceiling of $0.388 – Are more gains unlikely?

Top Crypto Analyst Benjamin Cowen Maps Path Forward for Bitcoin (BTC) – Here Are His Targets

TAGGED: Bulls, high, monero, ranking, rejuvenate, scores, Social
Share this Article
Facebook Twitter Email Print
Share
Previous Article Steven Porrello 10 ETFs With the Highest Exposure to Silicon Valley Bank
Next Article Digital Native Retail Is Caught in a Crossfire
Leave a comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

Private Banks RankingPrivate Banks Ranking
Follow US

© 2022 Private Banks Ranking- 52-54 Lime Street, EC3, London. All Rights Reserved.

  • Blog
  • Contact
  • Privacy Policy
  • Terms & Conditions
Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?