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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.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Monero News

Monero Voluntarism Could Be Key For Reducing High Fees For XMR

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The latest Monero news show that the cryptocurrency moves right along with other altcoins in the market, following price movements and not sticking up. What has changed over the past few years is the fact that Monero built a real community around it, bringing the Monero voluntarism to a whole new level.As a cryptocurrency, XMR is also a big part of the discussion in communities on Reddit, Stack Exchange, BitcoinTalk Thread, Mattermost Chat and Telegram chat.According to a tweet by Sydney Ifergan Crypto Expert:
“Voluntarism is the key to reducing high fees. Collaborative value and co-creation of economy with Voluntarism is the dominant logic in the Monero cryptocurrency space. Therefore, the network is sustainable for mass adoption.”
The XMR price is currently below $65 and it sustains the bullish bias. Now, the price is away from its daily high, it is still within the descending channel. The latest bearish move which swept away billions from the market also affected XMR in a bad way and made it lose more than 8%.However, our topic today is the Monero voluntarism and what is very interesting is the subreddit of Monero (XMR) which is essentially a place where users involve in general chatter and have their basic questions answered. The community is involved in a lot of research and development but they have not put in as much efforts in marketing. In terms of innovation and execution, the Monero project has strong talent and a decent track record.The aspect of Monero voluntarism also shows that XMR is different from other private coins by being trustless. By nature, there is no need to trust a central team for the company to stay private. In this way, we can see that voluntarism is one of the major driving forces contributing to the growth of Monero (XMR).After 2022, many expect the block reward to stop decreasing from 0.6 XMR, signaling a period of fast change and stable mining activities.The cryptonews also show that the block size of Monero has no cap and is dynamic. While fiat currencies tend to inflate by 2% to 6% every year, the inflation of Monero is 0%. With an anonymity set that is strong, we can see that Monero has all the characteristics desired to facilitate mass adoption.
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Monero Reveals New ‘’Triptych’’ System For Scalability And Privacy

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Monero reveals a new system named ‘’Triptych’’ which aims to improve the privacy and scalability of the network according to the researchers so let’s find out more about the new improvement system in the following Monero news.Triptych could or could not be introduced to the future versions of Monero and it has been described in the research paper from January 6. The researchers say that they are also working on a variant with an even better scaling solution. Triptych is building on the Ring Confidential Transactions or RingCTs which are used by Monero to obscure transaction values through decoy inputs. The triptych will also allow monero to handle a lot of decoys and to be more efficient in doing so, but also to process highly private transactions that require a lot less verification time.The new system offers logarithmic scaling which means that it would allow Monero to handle a lot more decoys that it does right now. Monero adds 10 decoys to each transaction by default and the new system will allow Monero to handle 512 decoys and doing so will only take 45 milliseconds on average. Triptych has another advantage as well: it Is trustless and with this feature that Zcash uses, privacy can be compromised if initial participants collude or when critical data is leaked. Monero itself doesn’t rely on a trusted setup and most of the current alternatives to Triptych are based on such a setup which gives monero a huge advantage.Monero reveals the new system but it is not clear if the monero developers will choose to utilize Triptych. The technology is still in an early stage and has yet to be reviewed. There are other scalability improvements under consideration including the Lelantus, RingCT 3.0 and Omniring which all can improve transaction privacy as well. Monero has implemented other improvements as well and the project introduced the bulletproofs in 2018 in October which reduced the transaction fees and transaction times dramatically. Monero’s hard fork from November is best known for introducing RandomX, also improved security and privacy through several smaller changes.Monero’s privacy features boosted the coin to increase by an additional 7 percent in the New Year as per the charts as reported previously in our altcoin news.
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Monero’s Privacy Features Boost The XMR Price 7% Higher

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Monero’s Privacy Features
Monero’s privacy features boosted the coin to increase by an additional 7 percent in the New Year as per the charts that we are analyzing in today’s XMR news.In the early days of the new year, the price of monero has advanced by 10 percent and the investors believe that happened only because of Monero’s privacy features. Earlier today, the privacy coin increased by more than 3 percent from $45.00 to $47 and has even started taking ground further rising to $49 which is a 7 percent increase in the past 24 hours. The rally comes as an outcome of the Europol report showing that the XMR transactions are untraceable. Europol used the transaction activity of the suspect who was able to avoid the authorities to make its point.A recent report notes a webinar featuring Jarek Jakubcek who is a strategic analyst with Europol’s European Cyber Crime Centre. The webinar transcript was then published by a Reddit member. Jakubcek outlined how the IP addresses tied to the transactions are harnessing the one-two punch of the privacy-based browser Tor and Monero being untraceable and leaving the authorities ‘’at the end of the road.’’ These results were different from the probe of the Bitcoin blockchain which was extremely visible and explained how Europol was able to get so far. As per the recent Europol announcement by the Cybercrime Centre, it seems that the detailed research failed to reveal either IP transactions or the coin movements.Over the past year, Europol cracked down on Bestmixer which is one of the leading Bitcoin mixing services but despite that, the coin mixing BTC can reveal something about the origins of the transactions. The combination of an anonymity coin and the Tor browser seems to be the top choice to mask all of the traces.The Reddit threat generated a lot of responses and many of them cheered the privacy coin for doing what bitcoin couldn’t have done. However, some of the users were not amused. One even pointed out that the XMR community was celebrating the ability of criminals to launder funds successfully by utilizing XMR. Of course, giving the users the control to avoid detection and to send anonymous transactions also places a huge target on the back of Monero.
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Privacy Features Propel Monero (XMR) By 10% Higher In 2020

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The Monero news today show that the XMR price action has been viral over the past couple of days as new privacy features propel the altcoin upwards. Whether people admit this or not, the privacy features are one of the biggest draws to cryptocurrencies. If there was doubt about this, Monero (XMR) is a solid proof with its latest rally.In the early days of the New Year, Monero (XMR) surged by 10% and investors have privacy to thank for this move. According to many experts, the privacy features propel XMR by more than 10%. What started as a 3% rise from $45.50 to $47 continued as XMR rose to $49 - a 7% gain in the past day - and the rally did not stop.On top of this, we could see an Europol report chronicling what the XMR army could have said already - that the Monero transactions are untraceable. Europol used the transaction activity of one suspect who was able to skirt the authorities and make his point.As the privacy features propel XMR up in the sky, a report in Decrypt also showed a webinar featuring Jarek Jakubcek, who is a strategic analyst with Europol's European Cyber Crime Centre. According to some users, the webinar transcript was pulled out and published by a Reddit member.In it, Jakubcek apparently details how the IP addresses tied to the transactions harnessing the one-two punch of privacy-fuelled browser TOR and Monero were untraceable, leaving authorities at "the end of the road." The results differed from a probe of the Bitcoin blockchain which was "visible" and explains why Europol was "able to get reasonably far."This Reddit thread got a lot of responses, many of which were coming with cheers at the privacy coin for pulling off what Bitcoin could not do. However, not everyone was amused. There were some Reddit members who heckled for being a "Bitcoin maximalist" after pointing out that the XMR community was basically celebrating a criminal's ability to "launder funds successfully by utilizing XMR."Meanwhile, recent reports from Forbes also noted that privacy features propel XMR to new heights and that now, there are nearly two dozen cryptocurrency and blockchain fuelled bills that US Congress could field in 2020. 
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