Monero (XMR)’s price seems to be in the bullish trend zone these days, within the range-bound levels of $40 and $55, according to crypto analysts.
Back on January 10, the bears have broken below the 12-day EMA, the 26-day EMA and the coins fell into the bearish trend zone.
XMR, in a bearish zone
Then, on February 8, the bulls managed to break above the EMAs, and the privacy-oriented coin fell in a bullish trend.
While it was in the bearish trend, XMR traded below the EMAs, according to the latest analysis coming from CryptoGlobe.
The online crypto publication writes that “Whereas in the bullish trend zone, the crypto’s price is expected to trade above the EMAs and price is likely to rise. On February 8, the crypto’s price reached a high of $48.95. Later the crypto’s price reached another high of $55.57 and was resisted.”
They continue and reports that XMR’s price is in the bullish trend zone and it’s currently facing resistance at the $50 price level.
All of this shows that XMR is currently in a bearish zone and we’re looking at a sell signal.
Use XMR as a currency, not an investment
In other news, one of Forbes’ most recent articles presents Monero’s Riccardo Spagni’s views on XMR.
Riccardo Spagni – aka FluffyPony on Crypto Twitter – told author Leslie Ankney that XMR is not the best choice as an investment.
“Monero’s probably not an investment. It’s designed to be a currency, and in particular it’s designed to be a privacy-preserving currency,” are his exact words as reported by Forbes.
For Spagni, Monero is reportedly not only a digital asset with its own unique codebase; its setup reflects his beliefs.
“I’m a big advocate for personal privacy. I think that it should be a basic human right,” he said.
Monero has been a lot in the spotlight recently, and the latest news involves a hardfork scheduled for March.