Monero Price Analysis: Approaching Channel Resistance

Monero has formed lower highs and lower lows to trade inside a descending channel on its 4-hour time frame. Price is nearing the resistance so a bounce could be due, taking it back to support or at least halfway through.

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This suggests that resistance could still break and Monero could start a reversal from the downtrend.

However, stochastic is indicating overbought conditions or that buyers are getting exhausted. In that case, profits could be booked at the channel resistance around $300 and a dip to support at $120 or the mid-channel area of interest at $200 could be seen.

There have been reports circulating that the MoneroV hard fork might be a scam. MoneroV promises a new secure, private, scaleable currency which addresses the problems faced by the Monero blockchain. However, core team member Spagni tweeted:

“Any Monero fork that retains ASIC support not only carries the usual naive fork privacy risk but also creates a massive DoS attack surface for exchanges that add it.”

MoneroV announced that mining operations will commence from 30th April 2018. If this gains enough support from the mining community, Monero itself could see a dip.

Prior to this, the Monero GUI next software version v0.12.0.0 “Lithium Luna” was released on April 6. This was intended to increase the minimum ring signature size sorts inputs, and slightly change the proof-of-work algorithm to prevent DoS attacks by ASICs.

Besides, the dollar has been somewhat supported by strong medium-tier data, rising bond yields, and improving Fed tightening expectations. If this keeps up and geopolitical risks pick up, selling pressure could ensue.

It was also reported that a Canadian bank declared it would no longer allow consumers to purchase digital currencies using Interac debit cards, which use Monero.

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