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Monero News

Monero Crashed 40% But The Long-Term Trend Is Still Strong

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FO6E3842CAC44 - Monero Crashed 40% But The Long-Term Trend Is Still Strong

Monero crashed by more than 40 percent in July which is a massive drop in less than a month from the previous $121. In the altcoin news today we can read that there is still some good news about the cryptocurrency and its long-term trend.

On June 23, Monero reached a new high of $121 when it increased by more than 194 percent for the year. Unfortunately, Monero crashed after the six-month run was met with heavy selling. The users that bought the cryptocurrency early were pleased to dump the positions and make substantial profits. The good news is that the cryptocurrency is looking bullish from a macro perspective. The long-term investors are not giving up on Monero just because of the pullback. They are reconsidering to buy the dip because the uptrend is still strong. The development team also made massive privacy improvement so the future looks good for the cryptocurrency.

In the uptrending market, a slight pullback is healthy. This allows the market participants to change some hands while they still have time for technical indicators to cool off. In the case of Monero, the sellers have been dumping the positions since early July with peak selling that occurred on July 8th. Since then, the volume dramatically decreased. This shows us that the sellers were losing momentum. With a supply like this which is close to the demand area, we can see that Monero put up a solid bounce soon. In addition to the declining, the daily RSI is no longer flailing in the oversold territory. The uptrend also looks healthy since Monero posted three consecutive higher highs. Also, the diagonal support is being respected as the market bounced back after it reached the support line.

Also as noted in the latest cryptocurrency news, the market is printing falling wedge on the charts and it looks close to trading at the apex of the structure. Monero could breach the diagonal resistance of the wedge since there are three supports that are converging really close to the apex. The fundamentals of the cryptocurrency are supporting the long-term bullish view. Monero offers different features which makes it difficult to trace transactions which is why it is among the favorite cryptocurrencies.

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Monero News

Monero (XMR) Was The Best Performer Last Week, Rising From Lows

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The total market capitalization of the cryptocurrencies has been stuck between $210 billion and $230 billion since September 25. The consolidation is unlikely to continue for long. What's interesting is that neither Bitcoin (BTC) nor Ethereum (ETH) were performing as solid as Monero (XMR) which was the best performer last week, rising from the previous lows.Traders right now should watch the key levels closely and benefit from the impending move of this particular altcoin. Below, we are analyzing the charts of Monero (XMR) and identifying potential buying opportunities.As the best performer of the past seven days, this altcoin rose from the recent lows and indicated that the bulls are using the fall to buy. So, XMR is possibly ready to turn around very soon.According to analysts on Twitter, the Monero news and charts this Monday indicate a rise of 3.86% which is a major driver right now for the price of Monero (XMR). The XMR/USD pair also continues to slide inside a falling wedge pattern.Even though the bulls have held the support line of the wedge for the past three weeks, they weren't able to achieve a strong bounce off it. This actually shows that the bulls are not showing any urgency to buy - even at these levels.Monero is right now at $57.41 and a break below this wedge may indicate a selling momentum and a negative sign - and XMR may again fall in the $40-s region. As a reminder, the yearly low price of this altcoin was $38.83.On the upside, however, a pullback from the current levels will face selling at the resistance line of the wedge. Both of the moving averages are also placed close to the resistance line of the wedge. Hence, a breakout of it will signal that buyers are back in the game.Traders can also wait for the price to sustain above the moving averages before it initiates long positions. The first target on the upside, as we can see, is $97.97 and above it lies the $121.42 limit.This Monday, we can see a solid momentum on the markets. The latest cryptocurrencies news show that the market cap is at $222 billion and the daily trading volume is at $54 billion. Bitcoin has a dominance of 66.6% and most of the cryptocurrencies in the top 20 are in the green.
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Bitcoin News

Bitcoin Sextortion Malware Also Mines Monero As A Side-Gig

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Cornell University professor Emin Gun Sire explained a year ago about a bitcoin sextortion malware that attacked unsuspecting victims saying that the perpetrators of the scheme made the victims believe that their taste in porn and sexual preferences have been captured on video and they have to pay a ransom in Bitcoin as we already read in the Bitcoin news updates.The bitcoin sextortion malware was later dubbed as ‘’Save Yourself’’ since the recipients got these sextortion demands from email demands with that phase. Now it turns out that Save Yourself malware as designed to have a side gig as well and it turns out that this side gig is Monero according to the research cybersecurity firm Reason Security. The game plan of this malware starts with an email that notifies the victims that their computer has been infected with dangerous malware but this is not the case in the reality of course. Even though the primary role of the virus is to force the devices into serving as blackmail proxies, the researchers found out that it serves another purpose by acting as a crypto-mining malware.Save Yourself smuggles a program that infiltrates in the host machine and secretly starts mining the privacy-focused cryptocurrency- Monero. By doing this, it might end up stealing 50 percent of the host’s CPU power thus affecting its performance to a limited extent to avoid suspicion. All of the monero coins are then deposited in the perpetrators’ wallet. The malware is also capable of reading data from the clipboard and to intercept whenever a bitcoin transaction is being made. It executes the special module that replaces the recipient's wallet ID with the perpetrators’ wallet without triggering anyone. Save Yourself is also believed to be designed to compromise most types of executables which makes it easier for the malware to spread.The security researchers recommend that the recipients of the emails don’t take the perpetrators’ claims and the evidence also suggests that the attackers most certainly cannot record the victims’ activities and neither do they have the ability to activate a person’s webcam as explained in the Monero news previously.
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Monero News

New Monero Consensus Algorithm Will Come By The End Of 2020

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The new Monero consensus algorithm is expected to change the current CryptoNight to Random X by the end of November as we are reading further in the Monero news today.The goal with the new algorithm is to help remove the ASICs from the network for good, by giving CPUs a competitive mining advantage. The new Monero consensus is expected to also boost the price of the cryptocurrency. Created in 2014, XMR is classified as a privacy coin due to being unlikable, private and untraceable. The cryptocurrency dropped more than 89 percent from the all-time high of more than $500 which is where XMR was in 2017. The market cap of the altcoin is currently standing at $965 million making it the 14th cryptocurrency by market cap with a $26.34 million in trading volume over the past 24 hours.The default privacy features of the altcoin leverage Multilayered Linkable Spontaneous Anonymous Group signatures and the ring confidential transactions as well. Some of the other coins with the optional ability to send and receive private transactions include Zcash, GRIN, Dash and PIVX. XMR leads in market cap compared with these coins but both XMR and GRIN obscure the blockchain transaction values and addresses used. The MLSAG signature which is used by Shen Noether’s RCT is based on Gregory Maxwell’s Confidential Transactions and these signatures allow any members of the group to produce a signature on behalf of the group without revealing anyone’s identity.The RCT algorithm was initially implemented in 2017 thus improving the ring signatures by allowing hidden transaction amounts, origins and destinations with a lot of efficiencies and trustless coin generation. The stealth address feature gives additional transaction privacy by simply allowing single-use addresses which only reveal where the payment was sent. One of the negative sites of the hidden ledger is the inability to audit the chain to determine whether extra coins were minted. As explained in the previous crypto news, XMR’s transactional privacy features were responsible for attracting a lot of mining malware and ransomware operators over the past few years. More than 5 percent of all XMR in existence was created by the crypto mining malware according to reports.
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Monero News

Privacy Exchange Beldex To Introduce PoS On Its Monero Blockchain

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Privacy exchange Beldex aims to introduce POS on its Monero-based blockchain as we are about to read in the Monero news today. The Estonia-based cryptocurrency exchange announced the news on the official website and the company stated they will be using the PoS for their native token.PoS or Proof of Stake algorithm will bring the Beldex privacy-oriented exchange many advantages. One of the most important would be the faster transactions. By using the PoS mechanism in theory, the transactions can be confirmed in only a few seconds and this will allow the BDX coin to be used in payments rather than only being used as the proposed way of exchanging coins privately. The BDX token is basically a fork of Monero and has a masternode introduced. The masternode is a special node that keeps the whole copy of the blockchain and not only that. The masternode also takes part in the voting and governance of the blockchain. In order to ensure the trustworthiness of the master node and to protect the blockchain from fraudulent users, a huge number of tokens need to be time-locked.In the BDX blockchain as well, in order to operate a masternode, the users have to stake some tokens. the current minimum requirement is 10K BDX tokens. The master nodes in BDX receives a slight portion of the block reward. The BDX blockchain now uses the Monero PoW algorithm. POW is short for proof-of-work and this is a piece of data that is difficult to produce but very easy to verify. The PoW algorithms verify the authenticity of the data and verify the transaction as well. Since the data is very hard to reproduce, the blockchain remains secure.There is a slight setback for the PoW mechanism. It is very slow and it usually requires a huge amount of energy to maintain security.  The blockchain of the privacy exchange Beldex itself is not immune to the drawbacks of the PoW as well. Based on these setbacks, BDX aims to introduce the new PoS mechanism on the Monero blockchain fork. The idea is not ready yet as per the latest Monero news that we have today but according to the website of the exchange, it will happen in the near future.
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