Should XMR Investors Go Long as Monero Receives Binance Backing?

Monero saw an impressive performance within the past few sessions, surging more than 6% within the past day. The altcoin has attracted marketplaces as it climbed to $168 before cooling. Nevertheless, the surge had analysts predicting solid runs for XMR as it performed in July.

Meanwhile, Monero has had multiple proposals, targeting moves to migrate from one platform to another. Also, the private crypto remained dedicated to network upgrades. On April 20, Monero declared a potential hardfork regardless of delays.

No Splits, Just Support

Monero received a lucrative development concerning its hardfork after the August 13 eventual decision. The world’s leading cryptocurrency exchange, Binance, confirmed support for Monero’s move.

According to the exchange’s blog, Binance told its users to expect delays in XMS deposits & withdrawals. It also guaranteed Monero HODLers maximum asset security and smooth resumptions after completing the upgrade. Nevertheless, the hardfork didn’t target a split or new token from XMR.

The Monero developers revealed that the goal was v0.18 Fluorine Fermi through block 2.688,888. While publishing this post, it appeared Monero readied for the move as its hashrate/computational mining power stood at 2,702.4Mh/s. Meanwhile, should Monero fans expect effects on the token’s price after or during the update?


According to the XMR-USD price chart, the alternative token struggled to adhere to a decisive direction. The DMI (Directional Movement Index) confirmed this narrative.

Though the +DMI stayed beyond the –DMI, the ADX highlighted a weak directional momentum as it hovered beneath 25. Though buyers dominate current tendencies, XMR’s continued upside might witness a trend reversal following more ADX decline.

Surprisingly, Monero investors could have been readying for the anticipated upgrade as it nears. For instance, the CMF (Chaikin Money Flow) and on-balance volume (OBV) displayed positive signals. The CMF indicated that money flow supported buying activities as the indicator stayed beyond zero, confirming bullish momentum.

Also, the OBV highlighted an increasing buying strength amid surging price and volume. Thus, XMR’s probability of greening during the update could be more solid than price downturn chances. Nevertheless, investors should consider contrary updates as they could impact the possible price action.

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