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Monero is yet another private cryptocurrency among the spectrum of those we’ve already discussed here so far.
Like the others we’ve seen, Monero is a very famous cryptocurrency between the group, and this ensures a good amount of liquidity for traders.
Thanks to that, Monero can be a very profitable cryptocurrency to trade, including for scalping strategies!
And to top it off, no one will know who’s trading it!
Why Should You Trade Monero?
Privacy aside, there is another very important feature regarding this crypto coin, and it’s one that makes it a worthwhile investment.
Its developers took a special focus on stopping ASIC mining. Why is this important? Well, without ASIC miners, more people can process transactions and this leads to more circulating capital, AKA liquid money!
How to Trade Monero
Thanks to its noticeable liquidity, Monero can be traded on many timeframes, including the shortest like 1-minute and 5-minute charts! This is important because it’s something not many cryptocurrencies offer.
Here we have a 5-minute Monero chart, one of my favorites for trading this digital coin:
Looks good, doesn’t it?
But what are you looking at, specifically? Because, sure, the graph looks very organized, and the uptrend surely looks nice for swing traders or longer-term investors who would be glad to see that the currency is doing good, even if it’s for just a couple of Dollars.
However, there’s something to be seen:
If you’ve been paying attention to our previous articles, you will be easily able to spot this pennant.
To help you remember, pennants are brief breaks that usually continue the previous trend after a small reversal. This indicates a prime position for trading in the direction of the trend!
Let’s break down the trade example that is shown on the chart above:
Here’s another trade using a MACD so you can see how easy it is to spot when trends start (both with Price Action / chart patterns and with indicators as well), this time on an hourly chart:
Monero is one of my favorite cryptocurrencies for trading, so it´s definitely a good idea to include this crypto coin into your trading portfolio.
Take care and trade well!
