Monero is trading at $49.45 on Feb 28, slightly declining, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
On H4, the latest ascending trend ended with the MACD divergence and the support breakout. On the midterm, a narrowing channel is being formed, bordered with the support at $44.35 and the resistance at $56.16. The following downmove is likely to head towards the lower boundary.
On H1, the downtrend stage got replaced with a range-trading pattern. The Stochastic is rising, meanwhile, which may mean, the price may currently be correcting, and will then hit the support at $48.20, falling to $44.35. Conversely, the XMR may also hit the upper boundary at $49.92, and, if this is the case, the price is likely to hit the local resistance at $53.60.
Today, on Feb 28, Monero Rings is being released. This is in fact a Monero hard fork designed to resolve a few very important issues, such as the transaction speed, mining performance, and the GUI update. Besides, the devs need to resolve the scalability and data transfer issues.
Currently, the average transaction processing time for Monero is around 20 minutes, which is extremely long. The devs are thus going to make the things simpler by decreasing the amount of data being transferred.
The scalability issue is also very important, as the network is growing, which decreases its bandwidth and, hence, the transaction speed. The GUI, meanwhile, has to be more user friendly; the command prompt is not a good sign for many, especially for beginners.
The hard work will happen at block 1781500. All XMR holders will get new altcoins for free, at 1:2. The new coin is going to have a better privacy level, and will support multi-signature and various wallets. If the hard fork announcement proves true, people will get a brand new modern crypto coin/ Many, however, say the dev’s promises are groundless, but we’ll see who is right in the next 24 hours.
Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.