Technical Price Analysis of Monero(Nov.7th)

MONERO (XMR) is an open-source cryptocurrency created in April 2014 that focuses on fungibility, privacy and decentralization. It uses an obfuscated  public ledger, meaning anybody can broadcast or send transactions, but no outside observer can tell the source, amount or destination. MONERO uses a Proof of Work  mechanism to issue new coins and incentivize miners to secure the network and validate transactions.

It’s the tenth biggest cryptocurrency in the market, has been making waves with all the recent development, aimed at improving the network.

The coin made its first show after a long time because of a bug, which was seen in the wallet by its developers. The bug could have given fraudsters the power to burn funds of an organization which is on MONERO’s ecosystem.

For the cryptocurrency community, 2016 was a very good year. Bitcoin doubled in price. The far-out Bitcoin alternative Ethereum went up by a factor of 10. But another, once-obscure cryptocurrency called MONERO outpaced all of them, multiplying its value around 27-fold.

The price of MONERO, which managed to generate widespread adoption on the dark web, reached $148.36

Monero did extremely good in 2017 and many investors are wondering whether it will be repeated in 2018.

Using historical price trends, and trading volume trends, to predict the future of Monero. It predicts a return of almost 184% if you were to buy Monero at $224 today.

It’s adviseable to stop and not do anything until a sure rise begins in other to avoid another bad timing.

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