Break of Triangle Holds Bullish Potential

The Monero team reported an anonymous donation of 1711 Monero tokens worth $500,000 on Wednesday. This was made known in the project’s Twitter account. The money will go to the Monero General Fund and help finance ARM buildbots and web services.

While the donor is unknown, the amount does increase the project’s funds considerably, providing a much-needed boost that will help the project meets its milestones for the year. Monero employs a contractor, Diego Salazar on a paid basis. 

In the meantime, the chart picture suggests that some demand is creeping back into the Monero token, with the XMR/USD pair trading 1.14% higher in a muted day of trading.

Technical Levels to Watch

Fulfilment of the bullish Monero price prediction outlook will depend on the resolution of the ascending triangle with an upside break. The measured move following the breakout targets the 261.37 resistance (lows of 17-19 June), with 241.79 serving as an intervening pitstop. Above these levels, 290.32, 311.78 and 330.76 serve as additional targets to the north.

On the flip side, failure to break the triangle’s upper boundary puts the lower edge under pressure. A decline could lead to a breakdown of this downside border, targeting 199.04 initially. This move also invalidates the pattern and opens the door towards 173.62 and 149.24. 

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Monero: Daily Chart

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