Monero Price Analysis - Living up to promises

https://bravenewcoin.com/news/monero-price-analysis-living-up-to-promises/

Monero (XMR) has continually made new highs over the past month, and now holds a market cap of US$3.88 billion with US$310.8 million in trading volume over the past 24 hours. The coin has risen 1600% since January of this year.

After a multi-month consolidation period on descending volume, price broke through a bull pennant. The break of the pennant coincided with a Kumo breakout on the daily doubled Cloud chart and a bullish breakout of Bollinger Bands. All Cloud metrics flipped bullish on the following candle with a bullish TK cross.

Although Bollinger Bands do not necessarily predict the direction of a breakout, but rather when to expect volatility, price below the 20SMA for an extended period of time did suggest a bearish outcome.

Nevertheless, a trade triggers on the breach of the bands in either direction, and in this case proved to be an excellent entry. Price has walked up the bands since the breakout, suggesting strong bullish continuation. If price makes a higher high but does not move further outside the bands, a type of bearish divergence forms which can be seen on the %B indicator (not shown).

Conclusion With the development of many coins focusing on private transactions, privacy specific coins may have little to offer moving forward. Of the existing privacy coins, XMR is the only large market cap coin that appears to live up to its promises. The development and community around XMR continues to grow, and will only continue to gain attention with prices at these levels.

Technicals are highly suggestive of trend continuation with pit stops at 0.023BTC and 0.038BTC. The BTC/USD ratio has entered pure unadulterated price discovery and will very likely consolidate above US$380.


Comments


[2 Points] _PrinterPam_:

Good. Hopefully the shills have sold-off and will now shut up.

Note: Not bashing Monero, just the shills.