Monero Price Analysis: Next XMR/USD Target at $208?
Monero has formed higher lows and higher highs to trade inside an ascending channel on its 1-hour chart. Price bounced off support, hesitated a bit at the mid-channel area of interest, but now looks ready to resume the climb.
The next ceiling is located at the top of the ascending channel around $208. The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside or that the uptrend is more likely to carry on than to reverse. The 100 SMA has also held as dynamic support on the latest dip as well.
Stochastic is pointing up to reflect the presence of bullish momentum, but the oscillator is dipping into overbought territory to signal exhaustion. Turning lower could draw sellers back in and lead to another test of the channel bottom around $194.
RSI is also heading up and has more room to move north, indicating that there’s enough bullish momentum in play to take Monero up to the top of the channel.
Monero just completed its hard fork but this led to a temporary drop in hashing power as many miners failed to update their software in time for the split. This hard fork was initiated to obsolete powerful new ASIC-mining rigs before they could even hit the market.
Monero lead developer Ricardo Spagni stated that Monero would change its proof of work mathematical model “in unpredictable ways” every six months from now on. This way, it could prevent companies like Bitmain from marketing dedicated machines that could allow certain miners to obtain majority power over the network.
From here, Monero is now waiting for support for ledger-to-ledger transactions between two different parties. This is still undergoing improvements before being officially declared functional. The official date for integration is also yet to be announced.