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Privacy tokens faced a significant setback amidst the cryptocurrency market surge. The privacy-focused cryptocurrency sector underwent a substantial $440 million downturn in market capital within the last ten months, displaying a 0.6% contraction against the U.S. dollar.
Monero (XMR), holding the top spot in cryptocurrency capitalization among privacy coins, has observed a decline from $170.90 to $160.68 per XMR since the year began.
CRYPTO BREAKING NEWS
— InnovatekMobile (@Neome_com) November 19, 2023
Privacy cryptocurrencies suffers a major decline. In 2023, the cryptocurrency market has seen significant gains across various sectors, with one notable exception being privacy-centric crypto toke… check us out @ https://t.co/8dh137aX4R pic.twitter.com/YiSGWkAUkh
Concurrently, social conversations on platforms such as X (formerly Twitter) and Reddit related to privacy coins dwindled. Factors influencing this dynamic include regulatory uncertainties, evolving perspectives on privacy, and Monero’s distinct emphasis on anonymity, potentially contributing to its recent devaluation.
Key Monero Levels To Watch – November 20
The trend reversal from the $135.7100 demand zone led to the invalidation of the major high at $172.5000. The early phase of the expansion was characterized by slow bullish momentum. This was due to the bulls’ and bears’ struggle in a bid to cease control of the market.
Following the invalidation of the $172.5000 major high, XMRUSD formed a new high in the $175.5100 supply zone. According to the RSI (Relative Strength Index), the monero was in an overbought state. This led to a failure swing as prices declined lower, shifting the market’s structure as a result.
Monero Key Levels
Resistance Levels: $175.5100, $187.5000, $210.2700
Support Levels: $135.7100, $116.1400, $96.5700
Market Metrics
Total Market Capitalization: $1.39T
Monero Market Capitalization: $3.03B
Monero Volume: 62M
Market Rank: #27
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