Analytics / Forex and Crypto News
Today, XMR is correcting and looks strong enough. XMR is traded around the level of $111. Over the past week, the pair XMR/USD has renewed its maximum values and is trading near the upper border of the ascending channel.
In the daily timeframe, Monero is forming an uptrend and trading near the upper border of the channel.
The MACD indicator is forming above the zero mark, and its signal lines continue the upward impulse, confirming further growth. Indicator and technical analysis give conflicting signals for the development of the current trading situation.
If we look at the XMR/USD chart, a correction is more likely, after which XMR will move to strengthen its positions.
On the 4-hour timeframe, Monero is also moving along the upper border of the ascending channel.
We can make a preliminary conclusion that at this stage the priority is to reduce quotations to the support level. After the correction, the pair may return to the development of an upward trend. The benchmark for growth is the $117 mark.
Monero will be hard forked in October. The update of the CLSAG network is scheduled for October 17. It is assumed that all users will need to update their software, namely the wallet. For Monero network operators, the new software is available now. It is known that as a result of the network upgrade, Monero's algorithms will be able to process and confirm transactions easier and faster. It is believed that the network's performance could subsequently increase by 20%, making it more competitive. Also: the updates will help to strengthen the security parameters of the network and preserve the anonymity of the protocols. For Monero, this will be the largest hard fork in recent memory. At the same time, it will not affect the principles of Proof-of-Work and will not affect the RandomX mining algorithms.