Monero Price Analysis for April, 17th – XMR Still Hopes For Further Growth

By Dmitriy Gurkovskiy, author at RoboForex Blog

On Friday, April 17th, the XMR has stopped growing, trading at 56.60 USD.

On D1, Monero looks rather typical for the whole crypto market: the quotations are developing an uptrend as a correction after a wave of decline. A local pullback has tested from above 38.2% Fibo but the next momentum of growth may rise to 50.0% (61.28 USD) and 61.8% (69.59 USD) as its main goals. A Gold Cross on the MACD confirms further growth. The main support of the current dynamics is at 42.70 USD.

XMR h4

On H4, there is quite a stable channel and a test of the support line. A Gold Cross on the Stochastic indicates a new impulse of growth forming; however, a short-term breakaway of the support level at 54.00 USD should not be excluded. Such a breakaway will open the way for a decline to 42.70 USD, which, in turn, may change the disposition on the market radically.

XMR D1

HTC announced that in the Exodus blockchain-based smartphone the Monero cryptocurrency will be used. The coins will be mined by the phone. This is, perhaps, the most progressive piece of the recent news.

It is planned to install on the smartphone an application called DeMiner, developed by HTC in partnership with ASIC Midas Labs. It will become available in the second quarter of 2020 (no exact dates have been announced). You will be able to download and install the app and then use it for mining.

It is supposed that using the smartphone for mining will decrease the expenses on mining. Under the expenses, we, first of all, mean energy consumption; users solve this problem in various ways. In HTC, they took the progressive way and tried applying the capabilities of a smartphone to crypto mining. The application will have different settings depending on whether the smartphone is charging or not.

The idea looks impressive, including for the XMR: in 2020, people are using about 3.5 billion mobile phones.

Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

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