Though Monero’s bulletproofs upgrade reduced withdrawal fees by about 95 percent in a week, it was not enough to change the larger trend.
(https://s3.cointelegraph.com/storage/uploads/view/31e82d436bf0846ba4f8367d9de65a3e.png)
The XMR/USD pair has strong support close to the $81 levels that has not been broken convincingly for more than a year. Therefore, this becomes the level to watch on the downside. Any break on a weekly closing (UTC time frame) basis can push prices towards the lower support at $58-$52.
Currently, the digital currency has been trading inside a tight range of $128.65-100.453. A break of the bottom of this range will retest the $81 levels, whereas, a breakout of the range can result in a rally to $150.
We believe that a breakout above $150 will start a new uptrend that can propel the virtual currency to $220 and above that to $300 levels.
Market data is provided by the HitBTC (https://hitbtc.com/) exchange. Charts for analysis are provided by TradingView (https://www.tradingview.com/markets/cryptocurrencies/?utm_source=cointelegraph&utm_medium=sponsored&utm_campaign=marketdata).
Source: COINTELEGRAPH (https://cointelegraph.com)