A report published that Monero has surged more than 20% of the market the Satis Group predicted robust bullish forecasts for the privacy-centric cryptocurrency.
The XMR/USD pair on August 30 was trading at around 97.36-fiat after strong bearish sentiment rejected the previous upside near 110-fiat. The same day, Satis Group, a major ICO advisory firm, published a report predicting Monero among the significant price gainers within the next decade. Soon after the story hit the public domain, and got covered Bloomberg, the XMR/USD started to show strong upside swings and broke key resistance levels. Just today, at the start of the Asian session, the pair established 142.70-fiat as its new intraday high, the highest since July 28.
In the event of a breakout above 142.70-fiat, Monero could attempt a run towards the late July resistance area between 148- and 151-fiat. Day traders should not forget to place their stop losses a few dollars above/below their entry points, based on the direction towards which they are entering their positions.