Monero (XMR) cryptocurrency rate has consolidated above the resistance barrier around $ 309 and continues to grow. Therefore, XMR should rise to $ 348 by September 14th.
Correction ended in the Monero market on September 1, and XMR value began to rise. The asset added 14% in price over the week: from $ 280 to $ 321 (Kraken data). The bulls broke through the resistance barrier at $ 308 again and were able to keep XMR rate above this mark.
XMR price dropped below the 55 hour exponential moving average and the trading volume contracted. Therefore, the cryptocurrency may fall in price to $ 295-300 over the next two sessions. There is an uptrend line that emerged in this zone on July 20. It is unlikely that the bears will be able to take this obstacle, so the asset rate will push off the barrier and go up.
Most likely, Monero price will reach 50% Fib ($ 348), fixed during the dump from $ 520 to $ 178. If the number of purchased coins increases, then the value of XMR will exceed $ 348 and rush to the next obstacle in the region of $ 389.
The developers implemented a new service on the XMR blockchain – Atomic Swap, which allows converting Monero to Bitcoin (BTC). In this regard, there was an increase in the hash rate of the decentralized network, which in turn led to an increase in the value of the coin. The computing power reached a record value in the last six months (3.12 GH / s) on September 4.
The Power Indicator also speaks in favor of continuing the bull run. Now the indicator indicates that the market is under the control of the bulls. The value of the relative strength index is fluctuating in the neutral zone, respectively, XMR has not yet reached the overbought zone. Judging by the previous impulse movement, Monero’s value will rise to at least $ 380 before correcting 15-16%.
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