Monero would be about to have a great climb, according to technical analysis pattern
Monero’s price (XMR) is beginning to show technical signs that point to a possible upward break.
The reason is that cryptocurrency focused on privacy is transiting the final stage of consolidation of a Banderín Alcista, a technical analysis pattern that usually anticipates price increases.
This pattern begins its formation after a strong ascending movement (flag and, followed by a consolidation period, where the maximum and minimum price are narrowed until they converge at a point. Thus, the triangular flag is formed.
In general, the rupture of this figure is in the same direction as the initial trend, that is, with an upward movement.
If the technical analysis is successful, The break could occur, perhaps, between the left of July and the beginning of Augustas observed in the following trainingView graph:
As explained in cryptopedia, cryptootic educational section, the Monero Network is a cryptocurrency designed to provide total privacy to its users. Unlike Bitcoin (BTC) and other digital assets, on its network It is not possible to publicly track transactions or know the balances of the Wallets.
This characteristic of anonymity has generated rejection by governments and regulatory bodies. In fact, many exchanges – as Binance and OKX – decided to launch XMR of their platforms to avoid legal conflicts.
However, XMR has shown a remarkable resilience because it is valued by many investors who see it as a tool to preserve financial privacy and maintain freedom against institutional controls. In fact, Forbes magazine stressed that the Monero Network is the only heir to the ideals of the Cypherpunk.
Precisely, an XMR price catalyst is The advance of regulations that threaten privacy in the ecosystem. Regulations such as the Mica Law, recently implemented in the European Union, seek to establish a comprehensive framework for the sector, but also include measures that could jeopardize user anonymity.
In this context, XMR gains attractive among those who prefer to operate outside state controls.
