Monero XMR Price Continued to Grind Higher

Monero XMR Price Continued to Grind Higher

Monero (XMR) Price bulls have been able to break out to the upside pattern from a range-block formation. The Monero price had been confined within this region for 28 sessions. 
The XMR Foundation has scheduled another ASIC-disabling hard fork on 9th March."Monero XMR Price Continued to Grind Higher"

Monero XMR Price Continued to Grind Higher

XMR/USD: Recent Price Behavior

The Monero XMR price over the past few sessions has continued to grind higher, this coming after it managed to break out to the upside from a range-block formation. XMR/USD pair was trading within the confinements of the mentioned narrowing range for around 28 days; however, the bulls were able to regather some upside to force a breach. This move has opened the door to allow for further buying pressure.

The Monero Foundation recently announced that it had scheduled another ASIC-destroying hard fork on 9th March. As per the Monero foundation, it will be occurring at block #1788000. XMR will not be introducing any additional features other than a new notification and block size algorithm.

For well over a past year, the foundation has made its strong views against ASIC devices crystal clear. ASICs miners are known to have been constructed very efficiently when they are mining a specific coin or algorithm. As a result, Asics can in a fast manner dominate the mining hashrate which leads to an increase in the risk of a 51% attack. According to a recent report, 85% of the Monero XMR network is dominated by ASIC miners.

In April 2018, XMR had already conducted a hard fork, implementing a new algorithm to prevent ASIC domination. Back then the hashrate difficulty had dropped dramatically; the ASIC domination was still somewhat evident. After just a few days, the hashrate Increase to around 480 Megahashes per second.

ASIC manufacturers have continued to release newly designed ASIC devices, which can mine Monero. Then Monero team will then make changes to its mining algorithm to tackle the new ASICs arriving on the market. The problem, however, is FPGAs or programmable ASIC chips, are becoming a serious issue given that they can remain active for longer by simply adapting to new changes.

Technical Review - XMR/USD

Given the recent extension out of the narrowing support level range, there is room for further upside by the market bulls. In terms of price targets, eyes are now on a supply area observed just above tracking from $53 up to the $60 mark. The Monero price last faltered here in the early part of January and also at the back-end of December 2018. XMR/USD pair had not traded above this mentioned zone since November 2018, when the market was firmly in control by the bears.

In terms of support level, this is seen just above the range-block formation tracking around $47. A failure of this holding will likely result in the price being forced to trade back within. Further south, eyes will be on the December and 2018 low price, $38.70, where the  XMR price had bottomed before buyers returned.

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