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.
Monero Compliance Workshop: XMR Not A Subject To Funds Travel Rule
“If a given transmission protocol is unable to accommodate such information, the obligated person may provide such information in a message different from the transmittal order itself."This only suggests that there is actually no need to transmit this information on-chain. The regulated anti-money laundering and know your customer compliant exchange should have the required transactional information that is probably storing it. In their statements, the Monero Compliance Workshop concluded that the funds travel rule does not apply only to Monero but to any other cryptocurrency. The workgroup noted:
“It would appear to be inappropriate to state that any cryptocurrency is compliant or not compliant with the Funds Travel Rule since the Funds Travel Rule appears to apply to regulated entities, rather than the underlying assets in which the entities trade.”This could, however, be too late for a solution to convince some of the exchanges who have already decided to play it safe by simply delisting Monero and other Privacy coins that want to avoid potential scrutiny from regulators. As per the reports, the latest Monero Upgrade has finally decided to get rid of GPU and ASIC mining, after the successful implementation of the scheduled event on November 30 as we reported previously.The new RandomX mining algorithm was introduced to get rid of the ASIC machines and to improve the efficiency of CPUs in general. The specialized mining hardware has been an often-debated issue and some of the critics argue that they have a centralizing effect since only a handful of companies in the world are capable to create the ASICs. On the other hand, some suggest that the ASIC-secured networks are less prone to getting hit with a 51 percent attack.
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