Monero, both technically and fundamentally, looks like a good asset to consider buying it.
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Fundamentally: A hard fork is expected at the end of November (November 30). Monero is going to activate an update in its blockchain aimed at increasing the privacy of RandomX users (the new Proof of Work algorithm). The transition to the new RandomX algorithm is aimed at solving one of the main problems of this cryptocurrency, namely hidden mining.
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Technically: After the breakdown of the previously formed resistance level in the region of $ 58 / $ 60, we observe a nice price tightening, which in turn forms the figure of the technical analysis “Rising Triangle”. To all this, on the chart, sometimes increased volumes for purchases pop up. The RSI indicator cools slightly at the moment of preload, which gives freedom for further upward movement.
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Bottom line: In the aggregate of the positive fundamental component, supported by technical analysis, which also speaks more for the continuation of the upward movement, it is worth taking a closer look at this asset now, but with a short stop order, or go into a true breakdown of the triangle with the first target in the region of $ 70, and the second in the area of $ 75, where the price is more likely to meet resistance from sellers, these levels coincide with the levels of 0.618 and 0.786 Fibonacci. Meanwhile the market depends upon the bitcoin`s movement: if bitcoin goes down sharply, then this triangle can be broken down.
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Fundamentally: A hard fork is expected at the end of November (November 30). Monero is going to activate an update in its blockchain aimed at increasing the privacy of RandomX users (the new Proof of Work algorithm). The transition to the new RandomX algorithm is aimed at solving one of the main problems of this cryptocurrency, namely hidden mining.
.
Technically: After the breakdown of the previously formed resistance level in the region of $ 58 / $ 60, we observe a nice price tightening, which in turn forms the figure of the technical analysis “Rising Triangle”. To all this, on the chart, sometimes increased volumes for purchases pop up. The RSI indicator cools slightly at the moment of preload, which gives freedom for further upward movement.
.
Bottom line: In the aggregate of the positive fundamental component, supported by technical analysis, which also speaks more for the continuation of the upward movement, it is worth taking a closer look at this asset now, but with a short stop order, or go into a true breakdown of the triangle with the first target in the region of $ 70, and the second in the area of $ 75, where the price is more likely to meet resistance from sellers, these levels coincide with the levels of 0.618 and 0.786 Fibonacci. Meanwhile the market depends upon the bitcoin`s movement: if bitcoin goes down sharply, then this triangle can be broken down.