Cryptocurrency Analysis: Monero [XMR] Approaches Breakout

Price of Moreno [XMR] looks set for a breakout any moment from now, it technical analysis shows. An analysis Moreno charts show that it is forming a triangle pattern often associated with a sustained surge in price.

As at the time this post was last updated, XMR has already gained 16.5% in the last 24 hours currently trading at $126 USD according to CoinMarketCap.

Moreno XMR price chart technical analysis
Source: Crypto Daily

With reference to the XMR chat above, the internal triangle pattern being formed by Moreno [XMR] is balanced and is just about to reach its tip. This is a key sign that the coin would experience a breakout soon.

This breakout is most likely to be on the higher side other than the lower side considering the simple moving average (SMA). The 100 SMA is lower than the 200 SMA. It is equally important to note that the difference has reduced to suggest the upward change is around the corner. Although it could still be affected—downwards—by bears, stochastic could drop before it reaches oversold conditions.

Moreno Price Watch

Cryptocurrency markets were up-and-down for the most part of last week and this affected Moreno [XMR]. This can be attributed to the events which followed the Bithumb hack not long after the Coinrail incident.

XMR is currently trading at $126 USD with just above $2 billion in market cap.

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Moreno Developments to Watch

Since reports filtered through that new users are having a tough time figuring out the Moreno wallet, the community is looking to redesign the wallet. The new design would need to be simpler and have shorter sync times. There’s also good news for adoption as Edge mobile wallet now features Moreno.

Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.

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