- High demand for privacy: With increasing regulation and privacy concerns, Monero's anonymity features are highly sought after.
- Protection against quantum hacking: The upcoming FCMP++ upgrade will significantly enhance the network's resistance to potential attacks from quantum computers.
- Use in covert operations: Monero's utilization for laundering large sums (e.g., after the $330M Bitcoin theft) highlights its effectiveness in ensuring anonymity.
- Increased miner activity: Monero mining has reached an all-time high, signaling heightened interest and activity within the network.
Technical Analysis
However, it's highly likely that Monero's price surge has ended. Technical indicators point to the asset being severely overbought. On the weekly timeframe, the RSI was already above 86%. A bearish divergence has appeared on the daily timeframe.
Idea
The emergence of bearish patterns could be a strong signal for opening a short position.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.