Monero price ready to go bullish following this new development

Monero could be done with its slide and ready to go bullish following the Monero protocol upgrade scheduled to go live today. The announcement saw investors become bullish about the coin’s price and are hopeful that this development will propel Monero’s price to new highs, given how rough the last few weeks have been.

Past Analysis

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. Also, the 100 SMA appears to be holding as dynamic resistance at the moment. Then again, the gap between the moving averages is gradually narrowing to signal slowing selling pressure.

However, stochastic is starting to turn higher after reaching oversold levels, suggesting that buyers are ready to return. A bullish divergence can also be seen as price made higher lows since mid-September while the oscillator had lower lows. Moreover, the RSI is pointing north, showing the Monero is ready to go bullish.

News and Developments

Recently, on an episode of the Magical Crypto Friends, Charlie Lee showed interest in Monero, which saw sentiments surrounding the coin become more positive. Additionally, while speaking to SFOX, Charlie Lee stated that:

“Another project that I’m interested in as Monero. I think a bit of privacy and fungibility is something that’s missing from Bitcoin and Litecoin, and it’s very much needed.”

Further, through a tweet, the talented individuals behind the Monero stated that:

“On approximately the 18th of October, there will be a scheduled network upgrade on the Monero be sufficiently prepared, a user, merchant, service, pool operator, or exchange should run [upgrade their clients/interfaces].”

Many developers lauded this upgrade, which will see Monero’s network command line interface (CLI) and its graphical user interface move to version, to the common user.

Do you think this upgrade will have a significant impact on the coin’s price?

Share your views in the comments section below

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