Coinciding with news that United States President Joe Biden’s proposed tax plan would require tax reporting on business transactions exceeding $10,000, the value of privacy coin Monero (XMR) climbed 31% on Friday.
Biden’s American Families tax plan would require exchanges and custodians to implement tighter reporting measures to help detect tax evasion and money laundering. Banks and financial institutions would also be required to report account inflow/outflow information to the Internal Revenue Service to help uncover unreported income.
The Treasury Department’s agenda, which was published on Thursday, stated that cryptocurrency business activity remained relatively small but was expected to increase in the next decade.
“Despite constituting a relatively small portion of business income today, cryptocurrency transactions are likely to rise in importance in the next decade, especially in the presence of a broad-based financial account reporting regime,” stated the report.
Just over 24 hours later, Monero led the charts among the cryptocurrency market capitalization top 100 with 31% growth. The coin price climbed from $230 to $304 overnight, adding to a now 84% rebound since Monero sank to a three-month low of $165 during Wednesday’s market crash.
Supplemental technologies that can anonymize the transactions of many well-known cryptocurrencies now exist, but Monero remains one of the few coins focused solely on privacy and is the largest of its kind by market cap.
Launched in 2014, Monero has since become a currency of choice on the drug markets of the dark web, replacing more well-known coins such as Bitcoin (BTC) in recent years. Blockchain analysis poses a threat to anyone using Bitcoin on the dark web, from drug dealers to anonymous journalists. Monero transactions cannot be traced in the same way. The technology has drawn the attention of government agencies worldwide, many of which have offered bounties to anyone who can make the opaque cryptocurrency transparent.
Google Trends data shows that Monero search interest has increased by close to 1,000% in the past year, as the coin price rose 1,300% from March 2020’s valuation of $34. Despite the surge in interest, historic search queries remain a quarter of what they were in December 2017, when Monero’s presence in the market cap top 10 gave it a more visible position in the cryptocurrency shop window.
Monero price analysis: XMR price recovers to $266 after gaining bullish support
- The price has been recovered up to $266.
- Monero price analysis shows bullish trend.
- Support is found at $250.66 level.
The latest Monero price analysis shows that the price has undergone revival once again after the green candlesticks reappeared on the candlestick chart. The price experienced a constant downfall in the prior week as a downtrend was at its peak. Nevertheless, the bullish momentum has been recovered today and the price has been able to rejoin its former level i.e. $266.8. The price might top its current position in the upcoming hours as well.
XMR/USD 1-day price chart: XMR finds recovery at $266 after bullish comeback
The one-day Monero price analysis is confirming an upturn in price as the bulls have been able to find their way to recovery. The XMR/USD value has been revived once again as the price can be spotted at $266.5 level. The bears had been leading the market in the previous week, but now the bullish momentum is resurging. The moving average indicator (MA) is showing its value at $266.5 in the one-day price chart.
A crossover between SMA 20 and SMA 50 resulted in the past few days, because of the upward trend. The upper Bollinger band is present at the $286.50 mark whereas the lower Bollinger band is present at $250.66 mark. The Relative Strength Index (RSI) indicator is declaring an increase in the score up to 51.56.
Monero price analysis: Uptrend enables price to take over $266.11 resistance
The four hours Monero price analysis confirms that a bullish trend has been following for the last four hours. The trending line is moving ascendingly as the price has been rising constantly for the past few hours. The price has been able to overcome the resistance present at $266 as well and is currently settling at $266.5. Moving on, the moving average value in the four hours price chart is standing at $260.4.
The Bollinger bands indicator is dictating an average of $258.10. Whereas its upper value is resting at $266.11 position and the lower value is at 4250.09 position. The RSI score has improved up to 58.86 level as well because of the persistent flight of XMR/USD price.
The coin value of XMR/USD upgraded in value to a great extent during the past few months. The technical indicators chart is further confirming the bullish win with a buying signal. There are 13 indicators on the buying position, nine indicators on the neutral position while only four indicators are on the selling position.
The Oscillators are also dictating a significant rise in price with a strong bullish signal. There are 11 indicators that are currently present at the buying position, while three indicators are on the selling and one indicator is on the neutral position. The Oscillators are maintaining neutrality for the day, with eight oscillators at the neutral level, two at the buying level, and one oscillator at the selling level.
Monero price analysis: conclusion
The one-day and four hours Monero price analysis is showing signs of bullish recovery as the price heightened up to $266 in the last 24 hours. The price underwent a constant decline in the previous weeks, but now it is back on track after the bullish momentum was revived. The price will pursue further heights in the upcoming hours as well, which is quite encouraging news for the buyers.
Monero price analysis: Downtrend restricts XMR progression above $271 level
- XMR price faces a decline up to $261.4.
- Monero price analysis shows a downward trend.
- Support is still secure at $236.5.
The Monero price analysis shows the cryptocurrency is facing immense pressure from the bearish side as a downtrend has been following consistently for the past two weeks. The price underwent a decline even today and has moved down to the $261.37 level. Although there had been instances where the price was uplifted, the overall trend that has been observed is on the bearish side. A further drop in price can be expected in the future as well.
XMR/USD 1-day price chart: XMR faces resistance above $261 as bears exhibit control
The price has receded down to the $261.4 level during the last 24-hours which is an alarming sign. The market value of the Monero coin has decreased quite significantly as the price has been declining constantly since the past week. The price has taken a downturn even today, as the bearish momentum is getting stronger. The moving averages indicator is showing its value at $261.4 level for the day.
The volatility has decreased slightly which means that chances of improvement are coming the cryptocurrency’s way. The upper Bollinger band is now settled at the $294.15 mark whereas the lower Bollinger band is at the $236.5 mark. The Relative Strength Index (RSI) score has dropped down to 48 as well.
Monero price analysis: Minimal progress reported as price moves up to $261.4
The four hours Monero price analysis is dictating a subtle rise in price as the bulls are striving to make a comeback. The price has increased up to $261.37 in the last four hours as the bulls are trying to recover back from the loss. A significant drop had been recorded earlier, but now a slight shift in the trends has been observed. The price is still standing far below the moving average value which is found at $266.6.
The SMA 50 curve is still going above the SMA 20 curve which means that the bears are still dominant. The upper value of the Bollinger bands Indicator is at $277.01 whereas their lower value is at $261. The RSI score for the four hours price chart is 34, as it declined drastically as well.
As the price dropped significantly in the past few months, the situation is getting tough for the buyers. The overall indication for the cryptocurrency is bearish, with 12 indicators on the selling position, 10 indicators on the neutral position, and four indicators on the buying position.
The moving averages indicator is confirming the downtrend as well by displaying a strong bearish signal. There are 11 indicators on the selling position, three indicators on the buying position, and only one indicator on the neutral position. The Oscillators are giving out a neutral hint as there are nine oscillators on neutral position while the remaining two oscillators are on selling and buying positions each.
Monero price analysis conclusion
The Monero price analysis concludes a downtrend in price has been recorded during the past 24-hours as the price has lowered down to the $261.4 level. This came as a huge blow for the buyers as they were unable to rescue XMR from the bearish pressure. The price might go down than its current position as well as the four hours chart is displaying red candlesticks as well.
Monero (XMR-USD) perpetual contract market is now live in DYDX
DYDX has gained 80% in a week. So, what is driving the DEX token rally? Traders have increased their bids for the decentralized exchange token with a hope that it would benefit from China’s decision to classify all crypto transactions as “illegal.”
DYdX expressed they are excited to share that the Monero (XMR-USD) perpetual contract market is now live. Eligible traders outside of the United States can trade $XMR with up to 10x leverage, cross margining and zero gas fees.
Their goal is to continue to launch new markets with $XMR marking the 25th addition to their layer 2 product.
Contract Specs: XMR-USD; underlying market: XMR; Margin Settlement asset: USDC; Tick Size: $0.1000 USD; minimum order size: 0.1 XMR. Expiry: Perpetual (no expiration); Maximum leverage: 10x: Initial Margin requirement: 10.00%; Maintenance Margin Requirement: 5.00%; initial Margin Requirement: 10.00%; maintenance margin requirement: 5.00%; Mark price for liquidations: The index price given by Chainlink’s Layer 2 XMR-USD price feed; Funding: Funding payments are credited or debited at the start of each hour, and are included in the realized PnL for the position.
The funding premium is scaled so as to have a realization period of 8 hours (8-hour funding rate); contract loss mechanism: Deleveraging, centralized, but verifiable insurance fund is the first backstop before deleveraging.
With dYdX, you remain in full control of your funds at all times. There are no central intermediaries that hold your private keys. Your funds are secured by smart contracts at all times when they are on dYdX.
dYdX is launching Perpetual Contract Markets that enable trading of any non-Ethereum based asset.
DYdX is the native token of decentralized exchange DYDX. Traders have lot of trust about the potential of the token versus China’s recent ban in cryptocurrency transactions.
The China ban worked positively for the dYdX decentralized exchange (DEX) which provides perpetuals, margin and spot trading, and also lending and borrowing services to their users.
Holding DYDX gives the owners a right to propose and vote on the changes related to the dYdX’s layer 2 protocol.
DYDX stakers earn their rewards by depositing to the liquidity staking pools that is DEX related. Users will benefit by getting a discount on trading fees which is based on the size of their DYDX reserves.
The China FUD is continuing to attract new users. Further, DeFi farmers are claiming to have made several hundreds of thousands of dollars by gaming dYdX‘s recent airdrop