- Monero has deployed a non-controversial hardfork to enhance privacy features.
- The price of XMR saw an increase of 6.5% after the network upgrade.
- The coin has yet to overcome the resistance to trigger a bullish breakout.
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Monero went through a network upgrade this weekend to boost its privacy and security features. The news appears to have been welcomed by investors, as XMR price is up 6.5% in the past few hours.
Monero enhances privacy features
Popular privacy coin Monero has surged nearly 6.5% after the network pushed hard to introduce new security features over the weekend.
Monero went through a non-controversial network upgrade at block 2,688,888, which was executed on 13 August. Hardfork increased the ring size of the blockchain from 11 to 16, creating a new signature to authorize transactions. It also includes changes to the “Bulletproof” algorithm, which aims to increase transaction speed, reduce wallet sync times, and replace network fees.
“Multisig means that multiple signatures are required before a transaction can be submitted and executed in the Monero network. Instead of creating a Monero wallet, signing and submitting transactions, you have a wallet for transactions and between them. There will be a whole bunch of collaborations,” the announcement reads.
XMR appears to have enjoyed a bullish momentum after the recent hardfork. The privacy coin market cap surged nearly 10 points to a high of $174.5 for the first time since June. Although the prices have declined for some time, there is a possibility of further gains.
From a technical perspective, it appears that Monero has developed an ascending triangle on its four-hour chart. This consolidation pattern suggests that a sustained close above $172 could trigger a 19% breakout that sends XMR towards $200. This bullish target derives from the height of the triangle’s Y-axis.
Nevertheless, XMR must continue to hold above $164 for a good chance to validate the bullish outlook. Failing to do so could accelerate profit-making resulting in a sharp correction. If the bullish thesis turns invalid, Monero is likely to find support near $150.
Disclosure: At the time of writing, the author of this article owns BTC and ETH.
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