Huobi x CoinMarketCalA Coin To Keep An Eye On!

This article was first published on Huobi Group - Medium
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CoinMarketCal has selected Monero as the coin of the week.

🔹What is ( Monero) XMR?

Unlike Bitcoin and Ethereum, which have transparent blockchains, Monero uses cryptography to shield sending and receiving addresses, as well as transacted amounts. Every Monero transaction, by default, obfuscates sending and receiving addresses as well as transacted amounts. Monero is fungible. This means Monero will always be accepted without the risk of censorship. Monero is not a corporation. It is developed by cryptography and distributed systems experts from all over the world that donates their time or is funded by community donations. This means that Monero can’t be shut down by any one country and is not constrained by any particular legal jurisdiction.

📅Event: October 17th, CSLAG Network Upgrade ”The next network upgrade will take place on 17th October 2020.” per coinmarketcal.com

📈Analysis

After forming a low in early 2019, XMR has oscillated in a massive range between $36.28 and $132.41.

The price swept the 2018 and 2019 yearly lows before launching into a strong bullish trend in March. Bulls plowed through the equal highs near $99.80, claiming this resistance as support, then continued their ascent toward the range’s upper bound.

The previous yearly high near $132.42 and monthly high at $142.87 provide probable targets for bulls, who could enter on a retracement to support near $109.32 or $99.78.

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Huobi Group - Medium