As it builds into a triangle like pattern, Monero is expected to be soon ready for a breakout soon.
As you can see from the chart below, the open-source cryptocurrency is currently developing inside a balanced triangle pattern and is nearing its peak which is a sign that it could breakout any minute now.
The 100 SMA is lower than the long-term 200 SMA which is a signal that the course with the least struggle is to the downside. In laymen terms, a higher break is less likely to happen than a lower break. Despite this, the gap has shrunk just enough to suggest that a crossover may be happening sooner rather than later.
The relative strength index is pointing down but does have room to go lower before it hits oversold conditions. This means Monero can be pushed lower by bears. In a related manner, stochastic also has space to drop before it reaches the oversold area which is a sign of bearish exhaustion.
Digital currencies have been restless and unsettled for the most part of this week and Monero is included in this. The Bithumb hack has kept gains on their toes as a SEC official has suggested that altcoins shouldn’t be regulated like securities are.
The community for Monero has been researching into redesigning the wallet for user management. This is due to the realisation that new users are finding it difficult to use to Monero wallet on account of it needing to be made clearer and the sync duration needing to be a lot shorter. Big developments may prove to be compelling for the price of Monero.
Simultaneously, the Edge mobile wallet has added Monero and Ripple to their service alongside with bigger altcoins such as Ethereum, Dash, Bitcoin Cash and Bitcoin.