Monero is Climbing in October

Monero’s XMR cryptocurrency is enjoying noticeable growth in October. XMR, renowned for its high-grade anonymity, could be set for greater gains.

Weekly Time Frame

XMRUSD - 1 Week Time Frame

The price candles in the weekly bullish Imbalance Zone area corresponded to the psychologically-significant level of $140.0, which was closed with strong lower wicks. This showcases the presence the presence of influential buyers, as a positive reaction was noticeably seen.

This was confirmed in the following weeks and the price continued to rise, even managing to close the bearish Imbalance Zone, followed by a corrective reaction and thus the sellers failed to take control.

XMR currently hovers above another bullish Imbalance zone. How the price behaves at this level will be essential for the further price development.

4 Hour Time Frame

XMRUSD - 4 Hour Time Frame

On this time frame, a bullish structure with a single AoI (Area of Interest) can be observed. It consists of the Fibonacci zone - 0.5/0.382 level, the 4h Imbalance Zone, the weekly Imbalance Zone and the level of the previous structure.

XMR is expected to positively to this zone and create a change of structures called CHOCH (Change of Character) on the fifteen-minute time frame.

A BIT about Monero

Monero is a privacy-focused cryptocurrency that stands apart from many other digital currencies.

While many cryptocurrencies record transactions on a transparent blockchain network, Monero employs sophisticated cryptographic techniques to conceal transaction information, including the sender, recipient, and amount.

One of these mechanisms is known as "Ring Signatures," which mixes user data with others, ensuring anonymity. Monero is also regularly updated and adapted which further enhances security and privacy.