Monero transaction costs dropped 90%, no positive vibes for XMR/USD created

Monero (XMR) is changing hands at $107.18, off Sunday's high at $108.85. The coin is mostly unchanged both on a day-on-day basis and since the beginning of Munday amid low trading volumes and non-existant volatility, typical to all major cryptocurrency assets. Monero sits at the 10th place among global digital assets with the market value of $1.7B and average daily trading volume at $13M.  

Transactions became smaller and cheaper

Bulletproofs protocol implemented during the recent Monero network hard fork slashed transaction fees by more than 90%, from $0.60 до $0.02. While an average transaction size dropped over 80% from 18.5 K to 3 K.

"Bulletproofs update: Monero average transaction is now 3kb versus a pre-fork average of 18.5kb," their tweet says.

Earlier we reported that Monero dev team had performed a hard fork at block No. 1685555, replacing the ring confidential transactions (RingCT) technology with the new Bulletproofs protocol.

Read more about hard forks here

Monero's technical picture

On the 1-hour chart, XMR/USD is capped by $107.70-$108.00 congestion zone. It needs to be cleared before the coin can proceed to a strong resistance at $110, which is created by the upper border of the recent channel.

On the downside, the support is produced by a confluence of SMA200 and SMA50 (1-hour) at $106.40 handle. Once out of the way, the downside may be extended towards $105.00 and $104.00 (the upper border fo the previous channel) and October 18 low at $103.86).

XMR/USD, 1-hour chart