Monero pushing higher before the Red Sea?
Updated
Hi all, this is my first publication. Hopefully you like my content. Feel free to give me your thoughts in the comment section! Disclaimer: These are my thoughts and opinions, not financial advice.
With Monero's atomic swaps being released I believe we will see an increase in utility and hype across the board. But like most hype ... it is short lived. Not to mention, atomic swaps are a relatively new technology that is still under development. For instance, atomic swaps are currently only one way (BTC->XMR) with future plans of making them bilateral. Also, given we in the early development stages of atomic swaps, their dedicated swap software is vulnerable to unexpected bugs. I personally agree that swaps are a turning point for Monero to hit its potential. Theoretically, an implementation of XMR swaps with any other coin could keep all the eggs in your basket nice and untraceable. In short, Monero can potentially provide the privacy and anonymity that many tokens lack.
Now as for the chart, I see price action heavily mimicking the previous bull run. We can see a rising head and shoulders formation along with similar behavior (from feb 2018) around the current resistance (turned support) area. In the midterm, I see the current fundamentals driving price higher where I will be taking some profits off the table. Although I wasn't able to document my buy at $220 in the most recent dip, I aim to be transparent going froward and document the entire process. Also, a higher drive in BTC as miners recover from the china ban can also prepare XMR to make that next move higher. However, since price is so closely mirroring the 2017 Bull run, I believe this surge will be followed by a dip to our most recent local minimum of around $180 area before rising to make a lower high and confirm a downtrend in XMR.
Moving forward, to truly see monero shine, the team will have to invest time on making their product more user friendly, work out the bugs, and build liquidity. Monero is a strong project backed by provable mathematics, cryptography, and security which is why I will most likely be buying around $190 and DCA at $120 or below if the opportunity presents itself.
Thank you.
With Monero's atomic swaps being released I believe we will see an increase in utility and hype across the board. But like most hype ... it is short lived. Not to mention, atomic swaps are a relatively new technology that is still under development. For instance, atomic swaps are currently only one way (BTC->XMR) with future plans of making them bilateral. Also, given we in the early development stages of atomic swaps, their dedicated swap software is vulnerable to unexpected bugs. I personally agree that swaps are a turning point for Monero to hit its potential. Theoretically, an implementation of XMR swaps with any other coin could keep all the eggs in your basket nice and untraceable. In short, Monero can potentially provide the privacy and anonymity that many tokens lack.
Now as for the chart, I see price action heavily mimicking the previous bull run. We can see a rising head and shoulders formation along with similar behavior (from feb 2018) around the current resistance (turned support) area. In the midterm, I see the current fundamentals driving price higher where I will be taking some profits off the table. Although I wasn't able to document my buy at $220 in the most recent dip, I aim to be transparent going froward and document the entire process. Also, a higher drive in BTC as miners recover from the china ban can also prepare XMR to make that next move higher. However, since price is so closely mirroring the 2017 Bull run, I believe this surge will be followed by a dip to our most recent local minimum of around $180 area before rising to make a lower high and confirm a downtrend in XMR.
Moving forward, to truly see monero shine, the team will have to invest time on making their product more user friendly, work out the bugs, and build liquidity. Monero is a strong project backed by provable mathematics, cryptography, and security which is why I will most likely be buying around $190 and DCA at $120 or below if the opportunity presents itself.
Thank you.
Trade closed: target reached
This played out beautifully.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.