Will Monero XMR Price Break the Bullish Trend after the Successful Hard Fork?

Key Takeaways

• Monero rolls out enhanced privacy features and deployed a non-debatable hark fork to boost the privacy and the security levels
• Ever since the hard fork has been announced, the XMR price has been impacted slightly, with minor fluctuations & recovering hard
• The Monero price is expected to maintain an ascending trend, nullifying the bearish impact and withstanding acute selling pressure

Monero Hard-Fork Explained

A very popular privacy coin running on a private blockchain, Monero recently underwent a hard fork to introduce new privacy & security features. While the token fell prey to huge criticism all over the time, the upcoming hard fork does not offer a chance for any dispute. The hard fork was completed at block 2.688.888. 

One of the main features of the fork is it increased the block size from 11 to 16 and introduced new steps to enhance user privacy. The hard fork also includes some changes to its Bulletproofs algorithm which is expected to boost transaction speed and also reduce the speed by 5% to 7%.

The other features include the inclusion of ‘view tags’ that intend to reduce wallet sync time by nearly 40% along with security patches & fee changes. The main focus of the hard fork remains on Privacy & Security.

Monero Technical Analysis

Source: Tradingview

• The XMR price ever since the market trend flipped a month ago, is trending within an ascending parallel channel
• The price has tested the lower support a couple of times before and underwent a rebound without many efforts
• However, the asset presently has dropped, testing the lower support again but could slice through the support levels as the selling volume has accumulated heavily
• If the XMR price losses the $150 support zone, then the possibility of smashing the levels below $140 surfaces which may further ignite a strong bearish trend ahead
• On the other hand, if the price flips and recovers within the channel, the asset may consolidate for a while and spike high.

Monero (XMR) Price Prediction for August 2022

The Monero price has been beyond $500 to mark highs, but ever since then, the price slides heavily to reach $150 at the press time. The asset ever since the beginning of 2022 attempted to validate a notable bullish trend which was challenged by the bears very often. Therefore, the current depleting trend is expected to continue for some time until the asset finds a major base to rebound. 

The next support zone could be somewhere around $143 which is not much strong and hence if the asset fails to hold at these levels, then $140 could be breached eventually. Therefore, a drop to $138 may eventually induce a catapult action to propel the price beyond $150 again and later continue with a decent upswing ahead.

By the end of August 2022, the XMR price prediction is expected to hover around $145 after experiencing an extended bearish trend.