Monero (XMR) is trading at $172.80, down 4.61% with a low of $171.473 and a high of $183.58 in the last 24 hours.
The crypto has a market capitalization of $3,126,923,853, and a price nearing the $170 resistance threshold.
According to Coindesk’s price research, bearish swings are back, and price increases have been slower than in previous months because of the downward trend.
Monero is going bearish again following a decrease in the XMR/USD market, as a result of negative news coming from Canada.
Monero (XMR) Bullish Indicators
At the time of writing, technical analysis by CoinCodex shows that short-term sentiment on XMR has become neutral, with 17 indicators flashing bullish signs versus 12 bearish signals.
According to TradingView data, the daily simple and exponential moving averages are showing buy signals, while the relative strength index (RSI) was at 55.4 as of February 16.
A reading of 30 or less on the RSI suggests that the market is experiencing an oversell.
XMR total market cap at $2.964 billion in the daily chart | Source: TradingView.com
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Due to adverse market movement, the cryptocurrency has shown a slow decline. The price has been falling in the previous hours as the negative trend rises.
Experts describe Monero’s overall market position as “less lucrative.”
Canadian Emergencies Act Deals Blow On XMR
Canadian Prime Minister Justin Trudeau’s imposition of the country’s Emergencies Act is taking a heavy toll on several cryptocurrencies, including Monero (XMR).
The crypto joins a list of other key digital assets the Canadian government bans in the face of ongoing protests in Ottawa by the Canadian Freedom Convoy (CFC).
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Authorities want to reduce the amount of money protesters allegedly utilize, which comes from assets and contributions of digital currencies like Bitcoin, Cardano and Monero.
An emergency measures act has been passed to ban future funding to trucker-based activists who are opposing the country’s COVID-19 vaccine mandate.
Monero (XMR), according to reports, is being used to sponsor the protesters, who have so far received $870,000 to $1.1 million in cryptocurrency donations.
Because of its decentralized status and low charges, a good number of donors choose to pay for their donations using cryptocurrencies such as Monero.
Monero (XMR) Seen To Make Strong Rally
Meanwhile, analysts anticipate that the value of XMR will likely climb between now and the end of 2022.
Based on current data and the coin’s recent successes, the majority of cryptocurrency experts predict that the price of Monero will rise in the near future.
The combination of technology and positive crypto market dynamics gives XMR a strong possibility of becoming one of the most traded cryptocurrencies this year.
Monero is in high demand as a mode of payment on the dark net, primarily because it provides a high degree of anonymity in terms of transactional information.
Featured image from Reddit, chart from TradingView.com
Prime Minister Justin Trudeau has invoked the Canada Emergencies Act, a law that allows the government to freeze the bank accounts of protesters without the necessity for a court order.
This will be the first time the law is enforced.
The Ontario Provincial Police and the Royal Canadian Mounted Police are reportedly aiming to freeze 34 cryptocurrency wallets related with the Freedom Convoy.
The Freedom Convoy began as a protest against COVID-19 vaccine mandates for border crossings, but quickly evolved into a demonstration against pandemic restrictions in general.
Beginning in late January, hundreds of cars and trucks formed long stretches from various locations and traveled through Canadian provinces before meeting on Ottawa on January 29 for a rally on Parliament Hill.
A large number of pedestrian protesters then joined the convoys of vehicles. In addition, several offshoot protests blocked access to the US border and provincial capitals.
BTC total market cap at $817.525 billion in the daily chart | Source: TradingView.com
Canada Emergencies Act: Clampdown Against Anti-Vaxxers
Canada’s federal law enforcement authorities, in tandem with the Financial Transactions and Reports Analysis Center of Canada (FINTRAC), are examining cryptocurrency payments made in support of the country’s anti-vaccine protest.
At least one cryptocurrency wallet containing more than $1 million in Bitcoin has been substantiated as part of the HonkHonkHodl action plan to assist truckers via cryptocurrency.
Bitcoin, Ethereum and Cardano became among of the most sought-after cryptoassets used to assist truckers after GoFundMe decided to freeze nearly $10 million in donations collected on its platform.
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Canada’s federal authorities have discovered approximately 29 Bitcoin addresses used to swap the cryptocurrency, which is currently worth between $0 and $1.1 million.
The Canada Emergencies Act was amended to make protesters’ funding a target.
Deputy Prime Minister Chrystia Freeland told Trudeau that financial institutions can instantly freeze or restrict bank accounts associated with trucks without fear of legal repercussions.
“So we’re looking at full-fledged financial warfare against truckers,” Krystal Ball’s co-host of “Breaking Points,” Saagar Enjeti, said.
Not All In The Same… Truck
Meanwhile, not all Canadian leaders support this severe course of action. The premiers of Alberta, Saskatchewan, and Manitoba, according to a Reuters report, are opposed to the move.
Quebec’s Premier François Legault also expressed displeasure with the move, saying he feared it would “add fuel to the fire,” the Montreal Gazette quoted him as saying.
Civilian protests have increasingly made use of bitcoins as a means of donation around the world.
In Ukraine, for instance, volunteer organizations and non-governmental groups received a 900% rise in financing via Bitcoin in 2021, probably in response to Russia’s growing military posture along its borders.
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Featured image from Cryptobase, chart from TradingView.com