Monero price analysis: XMR/USD has taken a bounce of a very supportive trend line, as part a wedge pattern

Monero a standout outperformer during trading on Thursday, holding 1.5% of gains.
The Monero camp will be updating their GUI software on Friday 6th April.

Ken Chigbo Independent Analyst

The Monero price has outperformed much of its peers within the crypto market on Thursday, holding modest gains of 1.5%. Other major altcoins across the board were dealing with another bout of losses, continuing with their bearish trend.

In terms of updates, the Monero camp will be updating their GUI software to the next version on 6th April. The upgrade will be to v0.12.0.0 “Lithium Luna. This is coming to prevent DoS attacks by ASIC and also to repair some bugs.

XMR/USD is trading within a wedge pattern observed via the daily time frame. The price as most recently caught support at a very strong area. Lows were initially seen on Thursday at $161, before receiving some decent bidding at the underlying trend line as part of the wedge. Upside targets will be locked on $200, however there is much resistance heading just into this figure. Support is seen as mentioned at $161.

XMR/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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