Monero price analysis: XMR/USD trading inverse neck-and–shoulder pattern ahead of upgrade scheduled on April 6
|- The upgrade will improve the proof-of-work which will increase protection against attacks by ASICs.
- The 23.6% Fib retracement level while to the downside, the major support level is at $163.
Monero price is down 3.45% on Thursday, as most of the cryptocurrency market bleeds red. The downside movement was initiated at $188 but the support level at $170 level could not hold the declines. Currently, XMR/USD is completing the second shoulder of the inverse neck-and –shoulder pattern near $170.
Monero’s GUI software will be updated on April 6th to the next version v0.12.0.0 “Lithium Luna.” The upgrade will improve the proof-of-work which will increase protection against attacks by ASICs while at the same time raise the ring signature inputs. In addition to that, the software upgrade will fix bugs and also make general improvements.
In other news, Canadian bank has decided that it will not allow clients to buy cryptocurrencies using its Interac debit cards. The report says that XMR could have been banned with the ongoing clampdown. An official from the bank said:
“As a financial institution, we have an obligation to assist in the fight against financial crime and money laundering. It is important for us to secure ourselves from anti-money laundering and these virtual currencies do not provide enough transparency to hold up to our obligations. This is why we have to discontinue cryptocurrency trading on our platforms.”
Monero price technical analysis
Monero price lacked the momentum to push above $190 when retracing towards $200. Instead, the price embarked on a downside movement that broke below key support area close to $185 and $170 respectively. At the moment XMR/USD is trading below both the near term 100 SMA and the longer term 200 SMA. There is a bullish momentum forming around $167 as indicated by the MACD on the hourly chart. The 23.6% Fib retracement level with the last high at $213 and a low $163, on the other hand, will offer resistance close to $175. The immediate support for XMR/USD is at $163.
XMR/USD hourly chart
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