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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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Monero News

Monero Compliance Workshop: XMR Not A Subject To Funds Travel Rule

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The Monero compliance workshop explained that the XMR network will not fall under the guidelines by the US Financial Crimes and Enforcement Network (FinCEN) guidelines regarding the Funds travel rule as we are reading further in the Monero news today.According to the blog post, the Funds Travel Rule requires the financial institutions who are sending funds or receiving them, to store and transmit valuable information about the transfer especially if it’s valued at more than $3,000 or the equivalent amount. In the 2019 guidelines the FinCEN stated:
 “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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Monero News

Monero Upgrade Leads To GPU And ASIC Mining Retirement

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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 in our XMR news.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.The Monero upgrade led to the proponents who heavily criticized ASICs and pledged to maintain the resistance of XMR as specialized hardware, finally changing the mining algorithm even at a higher cost. RandomX is now the result of that decision and the new proof-of-work algorithm uses a random code execution and memory-intensive techniques that make the use of ASICs unnecessary. The introduction renders all of the CryptoNight ASICs obsolete and the added complexity only makes the development of the new machines expensive and ineffective.The ASIC miners are not the only ones that are affected by the upgrade since the new algorithm is meant for CPUs as well in order to penalize GPU miners who want to mine Monero. The comparison shows that the hashrate for central processing units is looking a tenfold increase and in comparison, the Nvidia GPUs either retained or improved their existing performance. For AMD cards, most of them are half as capable as before.With the focus on CPUs, Monero developers believe that the ‘’network will become even more decentralized and egalitarian in the distribution of block rewards.’’ This could turn out to be a bad idea as well since Monero has historically always been more CPU-friendly which leads to the spread of malicious native browser-based mining software. The developers expect that the new upgrade will become noticeable by administrators because it has a great memory-hard approach and a higher potential to gain which could result in a renewed push for malware distribution.However, the uniqueness of the new RandomX platform is positive from a security point of view. There are a few CPU based mining farms that can be repurposed to attack monero. The Hashrate also increased since the introduction so it seems that CPUs already formed a significant deal of the mining power.
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Monero News

Monero Posts Double-Digit Gains After A Strong Bullish Reversal From $45

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Monero posts double-digit gains and has a bearish short-term and medium-term trading bias according to the four-hour time frame that shows a bullish inverted head and shoulders pattern forming that was triggered. Let’s find out more about the price in the latest Monero news today.The daily time frame shows that the cryptocurrency has bounced from the major trendline support. Monero posts a bullish reversal from the $45 and the cryptocurrency is now trying to recover from the eight-month trading low. The XMR/USD pair has declined by more than 30 percent since the start of November and is now trading around 58 percent below the current 2019 trading high.The technical analysis shows that the XMR/USD pair is still bearish in the short and medium-term but the signs are emerging that the recent recovery can turn out to be sustainable. The four-hour time frame shows there is a small inverted head and shoulders pattern that has been triggered with the $65.00 level the overall upside objective of the bullish pattern target. The rally towards $65 would also help to create a stronger reversal pattern that could eventually send the XMR/USD pair down to the $85.00 level.The daily time frame shows that the sellers are testing the top of the falling wedge during the decline so the buyers are defending the technical test the best they can. The daily time frame shows that the XMR/USD pair will be in a top position if the buyers manage to speed up the recent recovery to the $78.00 level. This could help Monero recover above the 200-day moving average and reclaim the technical bullish status.The Relative Strength Index on the daily time frame clearly shows that the recent recovery is pulling the coins away from the oversold positions. According to the latest sentiment data, the short-term sentiment for Monero is neutral at 56 percent and the overall long-term sentiment for the altcoin is still neutral at 33 percent.  Breaking above the $91 level could have the recent swings at $98 as the strongest form of technical resistance. The daily time frame shows four lower price highs and makes a break above the most recent swing high at $91 which is very important in the technical sense.The daily time frame shows that the XMR/USD pair is trading below the 50-day moving average at $87 but above the 200-moving average which is close to the $74 level. The four-hour time frame shows that the pair has a strong medium-term technical support close to the $52 and $48 levels. The long-term technical support for the XMR/USD pair is close to the $45 level.
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Analysis

Monero Price Shows Major Upward Support Forming: Analysis

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Monero price shows major upward support forming and shows that the altcoin has a bearish-term and medium-term trading bias as we are reading further in the Monero news.The four-hour time frame shows that there is a bullish inverted head and shoulders pattern triggered. The monero price shows double-digit gains following the strong bullish reversal from the $45 and the cryptocurrency is now trying to recover from the eight-month trading low. The XMR/USD pair declined by more than 30 percent since the start of the month and is now trading around 58 percent lower than the current 2019 trading high.The technical analysis shows that the XMR/USD pair is still technically bearish over the short and medium-term but the signs show that the price could be sustainable in the medium term.  The four-hour time frame shows that there is an inverted head and shoulders pattern that has been triggered with the $65 level and the overall upside objective of the bullish pattern target.The rally towards $65.00 could also help to create a much bigger reversal pattern that could eventually send the XMR/USD pair towards the $85.00 level. The daily time frame shows that the sellers are testing the top of a falling wedge pattern during the recent decline and the buyers successfully defending the technical tests. The daily time frame shows that the pair will be put in a prime position if the buyers can accelerate the recent recovery to the $78.00. This could help the price rise above the 200-day moving average and get its technical bullish status.The relative strength index on the daily time frame only shows that the recovery is pulling monero away from oversold positions. According to the latest sentiment data, the short-term sentiment towards the altcoin is neutral at 56 percent while the long-term sentiment for the altcoin is neutral at 33 percent. If the coins manage to break above the $91 level, this could boost the altcoin to a new strong form of technical resistance. The daily time frame is now showing four lower price highs and taking a break above the most recent swing at $91.The daily time frame is explaining that the XMR/USD is trading below the 50-day moving average standing at $87 but above its 200 day moving average. The charts show that the XMR/USD pair has a very strong medium-term technical support around the $52 level.
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