Monero is preparing a new wave of growth. Proof on the charts

Monerowill likely soon go out of phase accumulation. While the picture is on the 1 day chart says about cryptocurrency bullish developments.

The General situation looks like this:

  • the asset made it through the long term downtrend line that signals the end of phase correction;
  • after several days of consolidation the price encountered strong resistance and retreated slightly down;
  • for further growth XMR you can see using Fibonacci levels on the chart below.

At the moment, Monero is trading at $ 105. For the past day, the cryptocurrency fell by almost two percent.

Technical analysis

Moving average 100 SMA is still below the 200 SMA. In other words, the scenario of falling below the support level still remains in force. While 100 SMA also serves as a dynamic resistance level that is difficult to overcome without large trading volumes.

Technical indicator stochastic is gradually recovering from the oversold zone, that speaks about the imminent arrival of the bulls on the market. In the near future Monero can grow to a local maximum, this point is a good level for taking profits from long positions.

If the stock market really turns up, XMR has a good chance to grow to 78.6 Fibonacci level in the area of $ 148 (there goes the 200 SMA). The RSI is pointing up, that is a sure sign of the beginning of the formation of the bullish trend.

Image source — NewsBTC

The price of the asset is slightly affected by the words of the Creator of Litecoin Charlie Lee. Earlier, Lee called Monero one of my favorites for investment. At the same time, a team of cryptocurrency developers is actively preparing for the next update of the Monero network. This they reported in a post on Reddit.

On October 18, the scheduled upgrade of the Monero network. To be ready for the upgrade, users, services, operators of pools and exchanges need to work on CLI v0.13.0.2 or GUI v0.13.0.3.

The analysis of graphs carried in the Platform. Even more promising altcoins can be found in our cryptodata.

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