Should you buy Monero as it maintains an uptrend ahead of the upgrade?
- Monero gears for an upgrade in August that will improve security and speed
- The token has been on an uptrend ahead of the upgrade
- Investors should consider any retracement of the token as an opportunity to buy.
Monero XMR/USD is set for a network upgrade on August 13. The upgrade will see improved security on the privacy-focused network. The upgrade occurs after delays and will require users to update their software. New features such as “view tags” will be introduced and cut wallet sync times by up to 40%.
The anticipated Monero upgrade has been positive on XMR lately. As of press time, the token was trading at $163. The price compares to a low of below $100 in mid-June. We cannot adequately ascertain whether the gains are directly due to the upgrade. That reflects the fact that cryptocurrencies have been bullish lately. Nonetheless, we cannot ignore the importance of the upgrade to the price of the Monero token.
The cryptocurrency warrants the attention of an investor. A breakout of key levels allows Monero to surge higher.
Monero surges higher after recapturing $136 amid improved sentiment.
Source — TradingView
Technically, the Monero token is very bullish. The token retested the $143 support after a recent breakout. The moving averages and the MACD indicators are bullish on the token ahead of an upgrade.
The next established resistance level for Monero is $204. That represents an upside potential of 24% from the current level. The token could face some resistance at $181 but could push through to the established $204 level. Investors should buy now or consider potential retracements as opportunities to enter.
Monero will continue pushing higher as the upgrade nears and crypto sentiment grows. Technical indicators also support a price rise, with up to a $204 price level.
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