After news and rumors that caused a significant decline in the past few days, the price of the Monroe suddenly rose to $ 250 after the price of $ 200 just 24 hours ago and this on 4/12/2017. The Monroe capitalization in the market is now $ 3.9 billion.
Monero up to the price of $ 250
The price of Monero arrived in South Korea to $ 272, while its price against the Betquin is still under $ 240. The sudden rise is likely to be influenced by what information security expert John McVeigh said that Moenro might be the first competitor to Bitcoin because of the protection it offers its users. Also, the news spread in the social media about the adoption of this currency by the music makers and 42 big singers began to accept payment.
Monero price chart
The price now falls between two lines of resistance and support according to Fibonacci lines. With 127.2% and 161.8%, between $ 223 and $ 266.97.
The RSI index, which determines the strength of the market trend, indicates that the currency is in a overbought position, although its level remains below the August level, but this indicates that the price could soon fall.
The average price line for the last 5 days and 10 days is headed higher for purchasing power.
Expectations: A corrective movement is expected to fall, falling below MA10 and staying between $ 260 and $ 270 for the next few days.
Factors of the rise in the price of Monero
The first factor was what John McVeigh had promised in Real News with David Knight, who said that the price of the Betquin would reach $ 1 million by 2020. The Monero would be a fierce competitor to the rest of the encrypted currency from the protection and privacy of its users.
The second factor was the launch of Coral Reef. An e-shop initiative that allows music fans to use moneros to receive gifts from singers. The project includes at least 35 famous singers including Mariah Carey and Toby Keith, with discounts on prices.
The third factor, which was the most important event this week is the research paper published by the researcher at the University of Michigan -Jeffrey Quesnelle - questioned the privacy of the Zcash, describing Monero in the starting currency, followed by a response from the CEO of the company based on Almonero.