Monero (XMR) continued its rebound in August, with an increase of about 5 per cent in the day and a price of $450. According to external sources, XMR has broken through a few months of repression between $420 and $430 and the short-line focus is shifting to a more critical position of $475.
Through months of resistance.
In previous months, XMR was repeatedly blocked in the vicinity of US$ 420 to US$ 430 and has not been able to form a continuous movement. As the purchaser digests the pressure above, the price rises further up to $450 and approaches the $475 area.
This also means that XMR has moved from previous inter-zone shocks to higher-transaction zones. And then, 450 to 475 dollars will be the core of short-line multi-space competition. If prices remain stable in this zone, it is an indication that the market is taking over a profit drive, rather than just short-term recovery.
THORchain progress leads to liquidity expectations
In addition to price factors, Monero ' s liquidity infrastructure has also received attention. It was reported that the recent upgrade of THORCHain had created a framework for the original XMR exchange. This means that Monero is expected to convert itself in the future with other mainstream encrypted assets without relying on sealed assets.
This is particularly important for XML. Owing to the limited availability of the centralized platform, primary, non-trusted exchange channels are considered to be a way of supplementing the transaction path, while maintaining the user-hosting feature.
However, this functionality is not yet fully operational. THORCHAIN continues to give priority to network stability, and this progress is therefore more appropriate to be seen as a catalyst for liquidity in the medium to long term than as direct evidence of an immediate increase in purchases.
$475 is the next key.
According to external sources, it is not $450, but $475, that is more noteworthy in the current graph. According to the source, the XMR is developing a “Adam and Eve” bottom form, in which there is a rapid reversal, followed by long-term arc repair, and eventually back to the neck line.
According to this judgement, if the price is effectively broken and $475 steady, then the form is really certain that $500 will be the next critical psychological juncture. If we keep going, the market will also observe 550 to 575 dollars.
However, some signs of overheating have also been mentioned in the article. XMR Dayline RSI is about 76, in over-buying slot. If the price falls near $450 but is still holding, the overall rebound structure will be maintained; if the price falls again below $420 to $430, the recent breakthrough may be considered a false breakthrough.
In the longer term, analysts have given a morphological push point close to $800, but this judgement is based on the premise that $475 is effectively broken and remains stable and is still a longer-cycle technical push.