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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 price analysis: Downtrend restricts XMR progression above $271 level

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  • 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.

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Monero price analysis: Downtrend restricts XMR progression above $271 level 2
XMR/USD 4-hours price chart. Source: TradingView

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.

Monero price analysis: Downtrend restricts XMR progression above $271 level 3
XMR/USD technical indicators chart. Source: TradingView

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.

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Monero (XMR-USD) perpetual contract market is now live in DYDX

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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.”

Monero Expressed: We’re excited to announce that XMR has been added to dYdX synthetic perpetuals.

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.

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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.

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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.

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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.

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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

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Monero price analysis: XMR takes a leap forward to $248 as bullish momentum intensifies

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  • Monero price analysis shows strong bullish signs.
  • Resistance is found at $249.
  • XMR found support at $233.

The Monero price analysis for today favors the bullish side of the market. XMR/USD pair price break up was upwards at the start of the session, and XMR bulls pushed the price through two different resistance levels at $234, followed by $235 successfully in a swift move.

Monero gained a value of around six percent due to the spike in price today, which is a major achievement for the cryptocurrency, though still XMR/USD shows a minor deficit in value over the last seven days; this is due to the steep plunge of 24th September, when XMR price stooped as low as $233. Overall, September proved extortionate for the coin, as the price trend line is downwards during this period of time, but today’s spike provided good support to the cryptocurrency.

XMR/USD 1-day price chart: Crucial resistance ahead

The 1-day price chart for Monero price analysis shows a significant improvement in price as bulls rally ahead. Today XMR bulls victoriously reclaimed three fallen supports of $235, $236, and $248. As XMR is crossing the $248 level at the time of writing, ahead is the most crucial resistance of $249. Today bulls pushed the price above the moving average and also above the Bollinger bands’ mean line, marking a bullish crossover, so we can confidently say the said resistance might also be conquered.

Monero price analysis: XMR takes a leap forward to $248 as bullish momentum intensifies 1
XMR/USD 1-day price chart. Source: TradingView

The volatility is mild for XMR/USD as the upper Bollinger band is present at the $278 mark, and the lower band is present at the $217 mark; the mean average of the Bollinger bands is forming below the price level with a difference of a few decimals at the $248.01 mark.

The relative strength index (RSI) is in the center of the neutral zone on an upwards trend at the 48 index due to today’s positive market sentiment. The indicator shows a strong buying activity at the moment, and also further room for more buyers to explore the market. Thus a further indication of the bullish trend and more prospects for the cryptocurrency.

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The MACD indicator also observed a bullish crossover for the first time after a month of the bearish trend; as can be seen, the histogram turned green today, and the first green bar appeared due to the marvelous bullish efforts of today covering losses of many past days.

Monero price analysis: Will bulls consolidate for a further rally

The 4-hour chart for Monero price analysis shows, today the market was regulated by bulls throughout, except for some weak efforts from the bearish side when bears tried to intervene in the price function but were rejected soon, and bulls continued their endeavor.

Monero price analysis: XMR takes a leap forward to $248 as bullish momentum intensifies 2
XMR/USD 4-hours price chart. Source: TradingView

The volatility is increasing on the 4-hour chart as the Bollinger bands are expanding with the mean line far below the price level, showing positive indications for the coin. The relative strength index (RSI) has also gone near the overbought zone and is present at the 60 index, while still on an upwards trend. The RSI is suggesting the entrance of more and more buyers into the market.

The moving average (MA) is below the price level at $240 on the 4-hour chart and at $238 on the 24-hour chart. The short-term MA10 and MA20 favor the bullish side, and the exponential moving average EMA10 and EMA20 also favor the bullish side, whereas EMA30 favors the bearish side.

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Monero price analysis: Conclusion

The 4-hour and 24-hour Monero price analysis and technical indications suggest the XMR/USD is recovering well after a consistent downward trend of the past days. We can safely assume the price of the XMR/USD pair to touch the $250 level in the coming hours.

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