There is still a certain degree of uncertainty regarding the Monero project
If the Monero price jumps above $130, the next target could be $135 or even $150
As long as the price of the Monero is over 100 dollars, this crypto currency is not in the “sell” zone
The price of Monero (XMR) is trading above $115 in early November and the technical picture suggests that the price could rise back above $130. The current price is still far from the XMR price forecasts, but if the price jumps back above $130, this could be a very good opportunity for short term traders.
Fundamental analysis: There is still a degree of uncertainty
Monero is a crypto-currency with emphasis on anonymity and is designed to protect the privacy of the sender (or recipient) of coins. What makes Monero so special is the use of ring signatures via its open protocol known as CryptoNote.
Ring signatures act as a group of signatories in a shared bank account, but in this case the actual signer remains unknown. There is a very good team behind this project, the basics of this crypto currency are constantly improving, but there is still a certain amount of uncertainty about the project.
It is important to note that the Internal Revenue Service has recently offered up to $6250,000 to contractors who provide a proof of concept that can crack security on Monero. Block chain intelligence firm Chainalysis and Texas-based block chain analytics firm Integra FEC were awarded the contract to crack Monero’s security.
Monero rose from $93 to $139 in October, and the current price is around $119. Investors in Monero should remember that it is still a very risky crypto currency, but now might be a good time to trade with Monero (XMR).
Transaction volumes of this crypto currency are expected to increase and once this happens, the price of Monero will be at a higher price level.
Technical analysis: bulls keep control of the price action
Data source: tradingview.com
On this diagram I have 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 through this trend line, it would be a very strong “sell” signal. As long as the price remains above this trend line and offers $100 support, this crypto remains in the “buy” zone and there is no indication of a trend reversal.
If the price jumps above $130, it would be a signal to buy Monero (XMR) and we have the open path to $135. A rise above the $140 level supports the continuation of the bullish trend and the next price target could be around $150.
If the price on the other side falls below $110, it would be a “sell” signal and we have the open path to $100.
The Monero price has been on an upward trend over the last few months and so far there is no signal for a trend reversal. The price of this crypto currency has continued its correction from the recent highs above $139 recorded in October, but the technical picture suggests that the price could rise back above $130. Should the price of the Monero (XMR) jump back above $130, the next target could be $135 or even $150.