The bears tried to push the bulls out of the market but the bulls were able to push back above $125.94, which is in the supply area. The pullback by the bears was caused by a bearish inverted hammer and it took the price to the $122.47 area, which was a demand area. There was support at the upward trendline. Every time the price reached this area, it bounced back. Currently, the price is above the 10-day EMA and the bulls are becoming stronger. More bullish candles may appear near the EMAs. This may keep the pressure up and push the price to the $131.48 short-term. This is according to the price analysis on Blockchain24News.
Monero to USD Short-term Price Analysis
Monero is bullish short-term. The bulls resumed their journey to the north after breaking out from the trendline holding them back on June 13th. Subsequently, the cryptocurrency moved to the $125.90 supply area. When the bears came back, the price fell to the $122.83 demand area which was necessary for price correction. The bulls returned swiftly and pushed the price of Monero all the way to $127.97, which was a supply area.
Monero (XMR) Price Today – XMR / USD
The price is currently above two EMAs as it forms higher lows and higher highs. This is one of the indicators of an uptrend in the market. The upward price movement will continue if the bullish pressure increases.
Monero Completes Its Bulletproof Protocol
Last year, the Monero team announced that they were working on creating and deploying single and multiple outputs separately. The single-output would be the first to be deployed while the multiple-output will follow suit. According to the Monero team, the bulletproofs represent an advancement in transactions made on the Monero platform. It will lead to lower fees, faster verification times, and space saving. All Testnet fans should keep an eye out for bulletproofs. The project audit was completed by Kudelski Security. Kudelski Security is a provider of media and cyber security solutions that was employed by Monero to provide security assessment for the bulletproof projects.