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Following past months of development, Monero was preparing for a major upgrade, which yesterday was successfully activated. So what is the upgrade all about?
On the 18 October, Monero has implemented a Bulletproffs protocol, which is an advanced technology that makes any blockchain more efficient, cheaper, faster and more scalable. This method for sending private transactions, is considered to be the most effective, which can have a massive effect on Monero, now and in the long term future.
It is time to look at the price action since the Bulletproffs protocol has been integrated …
Clearly, market hasn’t reacted yet, as during the past few days it continues to trade near the 61.8% Fibonacci support level at btc 0.0015756. However, what should be noted, is that this level has been tested a number of times, and each time price rejected it. The important thing is that after upgrade, price hasn’t fell below the support, and today actually bounced off it cleanly. Not to mention the bounce off the uptrend trendline .
So far the price action stays positive for Monero. As long as the support level is being respected, XMR/BTC will either consolidate or continue trending upwards. The consolidation should be confirmed upon the rejection of the btc 0.018600 resistance that is 61.8% Fibs.
Upon the price breakout above this resistance, Monero is likely to travel further north, aiming at the key resistance area near btc 0.002 psychological round number. Namely; 78.6% Fibs at btc 0.020088 or 88.6% Fibs at btc 0.020977.
Currently RSI oscillator remains below the downtrend trendline , which makes Monero buying opportunity very risky at this time; disregarding the fact that the support is holding. Perhaps more time is needed for XMR to reveal its’ price development plan.
Talking about the risk, if the support will be penetrated, with a clean daily close below btc 0.015627, Monero might be forced to go lower, hitting either btc 0.014800 (78.6% Fibs) or btc 0.014230 (88.6% Fibs).
Briefly, fundamental news are extremely positive for Monero, although investors didn’t react on it. Perhaps market is still digesting the news and as long as the support is holding, price is likely to rise.
Support:
- 0.015756
- 0.014800
- 0.014230
Resistance:
- 0.018594
- 0.020088
- 0.020977
Disclaimer: This report is originally posted on TradingView and is for educational and informational purpose only. This post does not constitute an endorsement, recommendation, or offer to sell. Please be guided accordingly.
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