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Monero price analysis: XMR/USD prepares to surpass new ATH at $318

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  • This week has been a tough week for Monero as it has generally traded in bearish momentum. 
  • On the five-day Monero price analysis chart, the XMR/USD price ranged between $280 -$310. 
  • The price has risen past $300, following the daily support of $296.24.

Monero price analysis: General price overview

This week has been a tough week for Monero as it has generally traded in bearish momentum. However, at first this month, the coin started trading a bullish trend. 

On the five-day Monero price analysis chart, the XMR/USD price ranged between $280 -$310. This shows that the coin is highly volatile.

The 50-day MA indicates a bullish signal. The 50 Moving Average has crossed over the 100 Moving average, signalings that the market is bearish. Monero is set to break its new high of $318 in a few days to come. Monero price analysis chart shows many indicators are in favor of the bulls. 

The price has risen past $300, following the daily support of $296.24 as per Monero price analysis. The bulls will be able to surpass the all-time high if they continue to gain momentum. Following an impressive bull charge, Bollinger bands suggest rising volatility. Because buyers appear to be very confident in investing in the asset, it’s conceivable that the value may rise even higher.

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Monero price analysis: XMR/USD prepares to surpass new ATH at $318 2

Source: Coin360

The giant asset digital asset BTC is bleeding while its closest competitor, Ethereaum (ETH), price has risen by more than 2 percent. IOTA tops the list of gainers with a 30 percent gain; SOL comes second with more than 20 percent gains. Most of the altcoins have recorded losses. HEDGE has recorded the highest drop. XMR is trading in a bullish signal, gaining 0.62 percent.

XMR/USD price movement in last 24 hours: Monero accumulation phase?

Monero’s 24-hours price analysis chart began as the bulls and buyers were in a tough fight as the bull tried to cause a surge, and at the same time, the bears were trying to pull down the prices. As a result, the price traded in a moderate momentum before the sellers gathered more strength, causing the price to record a sharp decline to the lowest of the day, $293.4.

The actual average range (ATR) indicates the market has been volatile in the last 24 hours. This is not friendly to the day traders as it is very risky. In a higher volatile market, the chances of being liquidated are very high.

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Monero four-hour price analysis chart: Bullish signal

At the time of writing, the market is controlled by buyers, which has resulted in XMR/USD trading at around $300. The Bollinger bands have expanded, and the XMR/USD price is heading for the upper band, which indicates that it is overbought.

Monero price analysis: XMR/USD prepares to surpass new ATH at $318 3
Source: Tradingview

The balance of Power indicator is slightly below 1, meaning that the bulls have more strength than the sellers; hence the bull dominance is set to continue into the weekend.

Monero price analysis: Conclusion

The Relative Strength Index is in the neutral zone with possibilities of maneuvering towards the overbought region, indicating that the bulls dominate the XMR/USD market. Monero’s next target is to surpass the new ATH of $318 in the weekend if the bears do not overturn the bullish momentum.

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Monero’s former maintainer released from US custody

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Riccardo Spagni, the former lead maintainer of the privacy coin Monero, has reported that United States officials have released him after more than a month in custody.

In a Tuesday tweet, Spagni said he was working with his legal team to return to South Africa to address the allegations against him. Authorities in the U.S. arrested Spagni in August on fraud charges tied to alleged crimes that occurred in South Africa between 2009 and 2011 at a company called Cape Cookies.

“I am actively working with my attorneys on a way to return to South Africa as soon as possible so I can address this matter and get it behind me once and for all,” said Spagni. “That’s what I’ve always wanted to do.”

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The South African government had been seeking Spagni’s extradition on the charges, alleging he “used false information” to create invoices which inflated the prices for certain goods and services and had funds transferred to a bank account he controlled. If convicted, he could face up to 20 years in prison.

Tuesday marks the first time Spagni has tweeted since July, though someone — presumably his lawyers — did retweet a statement posted to his wife’s Twitter account shortly after his arrest. The legal team claimed the arrest was on account of “his alleged failure to appear in court, and nothing more.”

The lead maintainer of the privacy coin Monero (XMR) until December 2019, Spagni has been involved in the crypto space for more than a decade. Many know him for his colorful social media posts and wry humor on cryptocurrency projects and industry figures.

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The newly developed Monero Atomic Swap feature: All you need to know

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Monero, through its Monero project, has released a statement on their latest and most significant achievements: the BTC-XMR atomic swaps which are now made available through the COMIT network. The public statement was made by Monero developer: Erciccione. According to them, the implementation of the “atomic swap which was developed by the team at COMIT is strong enough to run on the Monero network platform. The developers made specific instructions on how to take advantage of the ASB software.

This software is an atomic swap protocol developed to be run on the same program designed by COMIT. The company (Erciccione) went ahead to ask the public to commence the testing of the protocol to see if there are issues with the system.

The company also was clear on the possibility of impending bugs in the software, since it is new. The developers in Monero in charge of the protocol have warned users to be careful when using it, and only test with small amounts. The users must take advantage of the Monero exchange to bitcoin Atomic Swap Protocol using the Privacy-Centric Tor Network. This seems to be good news to Monero as the value has increased ever since the program was made public. Pragmatically, Monero during that period increased by 226%, and the XMR had stayed up to 42% ever since.

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This technology used in the development of Monero exchange to bitcoin protocol uses what is called the Hashed Timelock Contract (HTLC), which works as a two-way virtual confirmation protocol. Just as it implies, it is embedded with a strong mathematical-based encryption mechanism named the “hash function.” Again, it is time-sensitive: it automatically reverses transactions when any of the participating parties didn’t fulfill their side of the agreement within an estimated time. Let’s illustrate when two parties agree to run transactions within a two hours interval on an atomic swap protocol. Failure to do so within that time frame, both deposits automatically return to the original owners.

After the Monero exchange to bitcoin announced that it works on the Tor network, which means that users can gain even stricter privacy at each swap operation. While Erciccione was trying to prove the potency of the system, they made it known that unstoppableswap.net will be providing Monero exchange to bitcoin services to interested users who have read and understood the protocols. Other participating teams that have acquired some advanced atomic swap technology similar to Monero are blockchain projects like Zcash and Komodo.

How The Monero Exchange to Bitcoin is Executed on the Atomic Swaps Protocol

For clarity, let’s say when two people agreed to execute a trade on bitcoin and ethereum on this platform. One party (let’s call him Mr. A) needs to create a contract address where he is meant to send his 1 BTC. Once Mr. A sends these funds, the contract immediately generates a unique key that only Mr. A can access. The key is like a password that unlocks the funds Mr. A had sent to his smart contract. It is now left for the contract to generate an encrypted pattern (or a hashed representation) of this key. Next thing, Mr. A sends this hash to the other party (call her Mrs. B), now having the key (the hash), Mrs. B is the only party that can access Mr. A’s 1 BTC. Mrs. B can confirm she got the funds, but she can’t withdraw (at least at the moment).

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It is now left for Mrs. B to generate her contract address where she can transfer her 15 ETH (BTC equivalent). Now that both parties (Mr. A and Mrs. B) have both funds locked in a smart contract, what is for both parties is to claim their different assets. To do this, they need access codes to each of the smart contracts. As in, Mr. A provides Mrs. B with a passcode, and likewise Mrs. B. But in the end, it is all about both parties submitting proofs for their cryptocurrency transactions.

Conclusion

Aside from the Monero exchange to bitcoin achievement, the company has always been known for its stringent attributes which are always active by default. This has deprived users of the opportunity to conduct transparent transactions. For example, every Obfuscated XMR transaction was done using some ring signature technologies, stealth addresses, and bulletproofs. But the XMR wasn’t the only coin that experienced an increase, some few other privacy-focused coins also started experiencing major gains monthly.

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Monero (XMR) Is Showing Strong Signs for Ascension

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  • The crypto space is still showing bullish signs.
  • A crypto analyst tweets that Monero is one such crypto.
  • He tweets a chart that shows a possible surge for the asset.

The crypto space is still on a decent high, as the prices of many cryptos continue to show bullish signs, one asset is currently standing out — Monero (XMR). This coin is known for providing complete anonymity.  

Amid these current bullish times, traders are always looking for the next best catch. One crypto trader, investor, and experienced analyst — The Wolf Of All Streets, tweets about a possible surge for XMR.

According to this tweet, The Wolf Of All Streets says that XMR is looking good. In fact, he also attached a chart that shows a ‘nice support bounce’ on the crypto’s ascending triangle.

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The tweet was met with mixed reviews. Many draw light to other bullish altcoins that will also take after XMR and likely surge. Some say they are working on buying XMR right now. Others point out that unless Bitcoin doesn’t go up, nothing else will.

On the topic of Bitcoin going high, many analysts have been very vocal about their opinion on the matter. For instance, the co-founder of Nexo is a firm believer in Bitcoin hitting $100,000. Besides him, known analyst — Mike McGlone, explains in detail how Bitcoin could very likely hit this ATH soon.

Another Twitter famous crypto analyst and long-time trader — PlanB, is certain that Bitcoin will reach $100,000 by the time Christmas rolls around this year. The wait is not only for Bitcoin, other altcoins will most likely hit new ATHs as well by the year’s end.

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This is possibly due to the fact that most cryptos tend to mirror Bitcoin’s price patterns. Although, many blockchains are working on major updates, so we will likely see many new ATH for many cryptos sooner than expected.

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