After the recent Monero upgrade, mentioned in our previous idea, XMR transaction cost went down by 97%
That is extremely positive news for Monero, which by now, should have already been digested by the market. But at the same time, Bitcoin downtrend could have affected the price of Monero, holding it back from the potential growth. Maybe, after BTC price will find the support, stabilizes or reverse to the upside, XMR will enjoy a fast and strong recovery.
Investors should pay attention to the current price of Monero as it sits right on the support, failing to break below. Currently XMR is trading near very important physiological support, that is $100. Not only it's a round number, but also a Fibonacci level - 61.8% and $88.6%.
It makes it a very strong level, that will not be left without massive attention. Investors are likely to watch the low produced on the October 12, which is $99.55. Daily break and close below, will substantially increase the risk of further downtrend. In that case, price can reach next support at $90.
On the upside, if support will continue to be respected by the market, Monero should reverse to the upside, or at least continue the consolidation. Strong resistance is located at $115 area, which is 61.8% Fibresistance level , that goes along with the high trade volume price. Break above $115 should invite more buyers and price can reach the $125 resistance.
All in all, Monero remains a very attractive coin, especially considering the fact that price remains above the $100 mark. Nevertheless, there was no confirmation of the uptrend, thus making it a risky short-term investment.
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