Monero (XMR) is presently changing hands at $172.80, down 4.61% in a 24-hour period.
The cryptocurrency has a market cap of $3,126,923,853 and is trading close to the $170 resistance level. Bearish movements have returned, and price hikes have been slower than in prior months due to the steady decline trend in the market.
Following a drop in the Monero (XMR) market as a result of unsettling news from Canada, Monero (XMR) has turned bearish once more. The short-term outlook on Monero (XMR) has been neutral seeing as at the time of publication, 12 indicators have signaled bearish trends in the market relative to 17 indicators showing a bullish sentiment.
The Relative Strength Index (RSI) was at 55.4 on Wednesday. A value under 30 would indicate an overselling trend in the market. On another note, the simple and exponential moving averages indicate buying signals at the time being.
The cryptocurrency has been steadily declining due to unfavorable market conditions. As the bearish trend intensifies, the price has been decreasing in recent hours. The market position of Monero (XMR) is described as less profitable by analysts.
Many cryptocurrencies, including Monero (XMR), are feeling the impact as a result of Canadian Prime Minister Justin Trudeau’s implementation of the country’s Emergencies Act.
In the midst of continuous protests in Ottawa by the Canadian Freedom Convoy (CFC), the cryptocurrency joins a list of other significant digital assets that the Canadian government has banned. This decision comes as a result of protesters using funds stemming from cryptocurrencies, including Bitcoin (BTC), Cardano (ADA), and Monero (XMR), and the decision of the government authorities to cut down crypto-derived funding.
A bill has been enacted prohibiting future support for trucker-based campaigners who oppose the country’s COVID-19 vaccination policy. Reportedly, protesters are being funded through Monero (XMR) and they have collected between $870,000 and $1.1 million in crypto donations thus far.
Many contributors prefer to pay for their donations with cryptocurrencies like Monero due to their decentralized nature and minimal fees.