Technical Analysis of Monero(Nov.18th)

Lots of analysts agree that Monero is currently at a point where it has the potential to make very big gains and the current situation represents a very good entry point for long-term investors. Monero is cryptocurrency with focus on anonymity, and this is where it diverges significantly from Bitcoin. Monero is designed to protect the privacy and anonymity of a sender (or receiver) of coins and it uses cryptography to shield sending and receiving addresses, as well as transacted amounts. Sending and receiving money with Monero is very similar to other coins, although XMR transactions are thought to be more secure. Monero has already teamed up with the likes of several big companies (as a payment option) with ambitions for additional big partners in the future. When we look at the 1-year chart we can see that Monero is moving in “downtrend”. As long Monero is below $200 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $80 and $100 – If the Monero jumps above $100 that would be a “BUY” signal and the open way to $125 and $150. If the Monero jumps above  $200 that could be a strong signal of the trend reversal and the open way to $300. On the other side, if the XMR falls below $80 that will be a “SELL” signal and the next target could be around $70.

Advice: Monero is one of many coins developed with a core focus on anonymity but according to estimates, this cryptocurrency has a bright future. In my opinion, this is a highly speculative cryptocurrency and still very risky, I would invest only a small sum of money in this cryptocurrency. As for the technical picture, the Monero remains in bearish phase but if the price advances above $200, short-term traders can enter the position with the stop loss at $180 and take profit at $250 or even $300.

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