If you like macro plays, this is possibly the best cryptocurrency chart.
This is a chart that should make you question the fundamentals of crypto.
The question is "Can Monero be the thing Bitcoin cannot be??" Should Monero become that thing? I don't know enough about it.
What I see is that Monero has some solutions for some of the technical problems of Bitcoin. Are they good enough? I'm not confident yet. But the chart says that there might be an interesting future for Monero.
This delisting event has done two good things Monero.
1. Eliminated weaker hands. 2. It drew attention to the project. Some people like me asked "What the hell is Monero?"
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Illegal level of bullishness detected.
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This chart needs some proofs of bullishness. But, these weekly candles and the overall outlook... I can't help but think the decision is already made.
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This is exactly what a spring should look like. Bad news everywhere, big volume, big red candle and yet... it's a race for buying.
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I looked at some details. It's a world of tradeoffs in blockchain engineering. But Monero's tradeoffs look reasonable to me. They have good arguments.
I'll say this. If not Monero, something like Monero might be unstoppable.
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I think the only way to stop such projects would be to sell an impractical project to everyone as financial freedom and crush everyone's hopes with a total collapse. Oh wait...
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I don't want this chart to fail :D I really like it.
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Monthly looks a bit concerning atm but all it takes to go above 180. Then it's all good.
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How cool it'd be if Monero completely decouples from crypto and couples with gold after a big crisis hits risk markets.
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That will be the time we'll know if any cryptocurrency has any value. Everybody gangsta in risk-on.
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I'm running it mining it buying it. I'm like a true criminal at this point.
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Let's advertise Monero by making waves. Not bubbles.
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I think it's really a decision between following Bitcoin price or not for Monero. For now, the pressure works obviously but let's see.
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It'll come to this in my mind: "Is Monero just another shitcoin or is it different?" The decisions is ours.
It takes a lot of conviction to be bullish on XMR these days. I, too, believe the future will look somewhat like you've charted, and most likely, we will go much higher than this when the market wakes up from its meme-coin delusions. The delistings and the pressure from regulators, combined with Monero standing its ground on privacy and fungibility, make me believe this protocol is a true winner. While there are numerous things putting Monero in the spotlights (ao. Binance delisting and the recent TXs spamming), we need a serious catalyst. Crypto needs what Elon did to social media, and with governments getting increasingly involved in crypto, it's a matter of time before someone with a lot of weight steps up.
mitsandwits
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@dakkadakkadakka, I'm almost certain this event will help in the long run. Many people probably thought Monero was just another joke. Like me! I was honestly shocked to see Monero has addressed all of my technical points about Bitcoin in some way. This should help Monero for a natural and healthy growth away from the shitshow.