BTSE, a UAE-licensed cryptocurrency derivatives exchange, announced the launch of Monero (XMR) trading on its platform.
* The exchange is considered to be the only one supporting XMR trading. It also announced that XMR would provide investors with various payment options, while traders could also use it as collateral.
* In general terms, Monero is regarded as a privacy coin because of its untraceable and private nature. A prompt comparison among the privacy featured coins shows that XMR takes the first place by market cap, total fees, and GitHub activity.
* In terms of pricing, Monero is far off (down appox. 90%) from its ATH of $500, registered in December 2017.
* XMR's market cap is now estimated at $965 million, while its trading averages at around $26 million, which ranks XMR 14th on the Brave New Coin market cap table.
* Technically, Monero stays within a and is currently closer to its upper band. At the same time, XMR's price is located between the two Fibonacci time zones, so we expect to see a significant (local) top (or bottom) by the end of the year.
* Directionally, we incline more toward a Long shot with the price target area at $85 - $95 level.
Mid-term trade signal
Buy @ $50 - $60.
Target: $85 - $95.
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This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.