The price of Monero (XMR) is trading above $115 at the beginning of November and the technical picture implies that the price may advance again above $130. The current price is still far away from the XMR price predictions but if the price jumps again above $130 that could be a very good opportunity for the short-term traders.
Fundamental analysis: There’s still a level of uncertainty
Monero is a cryptocurrency with a focus on anonymity and it is designed to protect the privacy of a sender (or receiver) of coins. What makes Monero so special is its use of ring signatures via its open-sourced protocol known as CryptoNote.
Ring signatures act as a group of signers in a joint bank account, but in this instance, the actual signer remains unknown. A very good team stands behind this project, the fundamentals of this cryptocurrency are steadily improving but there’s still a level of uncertainty surrounding the project.
It is important to mention that the Internal Revenue Service offered recently up to $6250,000 to contractors that provide a proof-of-concept that can crack the security on Monero. The blockchain intelligence firm Chainalysis and Texas-based blockchain analytics firm Integra FEC won the contract to break Monero security.
Monero has advanced from $93 above $139 in October and the current price stands around $119. Investors in Monero should have in mind that this is a still very risky cryptocurrency but now could be a good time to trade Monero (XMR).
The transaction volumes of this cryptocurrency are expected to increase and once this happens, the price of Monero will be at higher price levels.
Technical analysis: Bulls remain in control of the price action
Data source: tradingview.com
On this chart, I marked important resistance and support levels. The important support levels are $110 and $100, $130 and $140 represent the resistance levels.
The trend line also represents the strong support level and if the price breaks this trend line it would be a very strong “sell” signal. As long the price is above this trend line and $100 support this crypto remains in the “buy” zone and there is no indication of the trend reversal.
If the price jumps above $130 it would be a signal to buy Monero (XMR) and we have the open way to $135. Rising above $140 supports the continuation of the bullish trend and the next price target could be located around $150.
On the other side, if the price falls below $110 it would be a “sell” signal and we have the open way to $100.
Monero price has been moving in uptrend last several months and for now, there is no signal of the trend reversal. The price of this cryptocurrency extended its correction from the recent highs above $139, registered in October but the technical picture implies that the price may advance again above $130. If the price of Monero (XMR) jumps again above $130 the next target could be located at $135 or even $150.
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