Monero Price Analysis: XMR Faced A Bearish Pressure Ahead Of Important Update

Last week, most of the coins have been trading in range, and they were mainly heading towards the lower part of the range which has been dominated by the bears as you already know.

Monero was not an exception, and the coin was not able to stay at the upper part of the range even with its upcoming software updater that has the community excited and restless.

The price has been pretty bearish during the past week, but this week promises to be entirely different.

If Monero is able to cross a significant resistance, the road to recovery will be quite a smooth one.

Last week’s analysis and today’s XMR price

Over the past week, Monero’s price dropped due to the bearish pressure and the whole negative sentiment that has been floating over the crypto market.

The fall was quite surprising because the community was expecting a surge thanks to the update that is just around the corner. The update is set for October 18th.

This week, Monero might surge above the $120 resistance, and this will pave the way for more gains even above $150.

At the moment, Monero is priced at $113.85 on CoinMarketCap.

Monero to be ASIC mining resistant

The community is really confident that this week, Monero’s price action will change for the better.

This is because the developer community prepares to release a bunch of updates that will implement Bulletproofs and make the Monero platform ASIC mining resistant.

The Bulletproof protocol will reportedly reduce the transactions size and the fees that are attached to the transactions.

The ring size will also be reduced to 11 tags, and the platform will get enhanced privacy. This is set to protect users from malicious attacks.

Other relevant news about Monero includes that fact that the privacy coin recently released a series of pages that are called Monero Best Practices.

The collection was published by Monero Outreach, and it includes tips for everyone who wants to handle their Monero in the safest way possible and it also has useful data for both beginners and veterans.


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