Categories: Altcoins

Monero Price & Technical Analysis: XMR Expecting Large Changes

Click here to view original web page at www.coinspeaker.com
Photo: Roboforex / TradingView

Monero is trading at $49.45 on Feb 28, slightly declining, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

On H4, the latest ascending trend ended with the MACD divergence and the support breakout. On the midterm, a narrowing channel is being formed, bordered with the support at $44.35 and the resistance at $56.16. The following downmove is likely to head towards the lower boundary.

On H1, the downtrend stage got replaced with a range-trading pattern. The Stochastic is rising, meanwhile, which may mean, the price may currently be correcting, and will then hit the support at $48.20, falling to $44.35. Conversely, the XMR may also hit the upper boundary at $49.92, and, if this is the case, the price is likely to hit the local resistance at $53.60.

Photo: Roboforex / TradingView

Today, on Feb 28, Monero Rings is being released. This is in fact a Monero hard fork designed to resolve a few very important issues, such as the transaction speed, mining performance, and the GUI update. Besides, the devs need to resolve the scalability and data transfer issues.

Currently, the average transaction processing time for Monero is around 20 minutes, which is extremely long. The devs are thus going to make the things simpler by decreasing the amount of data being transferred.

The scalability issue is also very important, as the network is growing, which decreases its bandwidth and, hence, the transaction speed. The GUI, meanwhile, has to be more user friendly; the command prompt is not a good sign for many, especially for beginners.

The hard work will happen at block 1781500. All XMR holders will get new altcoins for free, at 1:2. The new coin is going to have a better privacy level, and will support multi-signature and various wallets. If the hard fork announcement proves true, people will get a brand new modern crypto coin/ Many, however, say the dev’s promises are groundless, but we’ll see who is right in the next 24 hours.

Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

You May Also Like

On H4, the latest ascending trend ended with […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

The Entire Bitcoin Dynamic is Changed by the Lightning Network, Says Samson Mow

Samson Mow, BTCC Exchange’s Founder and Magical Crypto Friends and Blockstream’s present CSO, recently shared his views on Bitcoin’s status… Read More

2 hours ago

Bitcoin History Part 15: Silk Road Is Born

Silk Road launched in February 2011 as the darknet’s first bitcoin-based marketplace. Within four months, it would be the darknet’s… Read More

2 hours ago

Sunday Digest: Bitcoin Price, Pantomime Season, More Craig Wright Lies

Share Tweet Send Share This week, US President, Donald J Trump, decided that he would like to buy Greenland, thereby… Read More

2 hours ago

Bitcoin Twitter Is Daydreaming About a Hong Kong Bank Run

Crypto-fever dreamers cheered as Hong Kong protesters suggested organizing a bank run, but apparently rioters didn't flock to bitcoin. |… Read More

2 hours ago

World Bank issues second tranche of Ethereum blockchain kangaroo bond

'Kangaroo bond' is the name given to a foreign bond, issued in the Australian market and denominated in Australian dollars.… Read More

2 hours ago

What the Theft of a BBC Reporter’s $30,000 in Ethereum Shows About Cryptocurrency

Last week, BBC contributor Monty Mumford lost $30,000 of Ethereum . This came after a logical thought process: invest in… Read More

2 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More