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Monero price analysis: XMR breaks above $240 as bullish momentum intensifies

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  • Monero price analysis is bullish today.
  • The price has flared past the $240 psychological mark.
  • Cryptocurrency reclaimed supported at $241.7.

The Monero price analysis is in favor of bulls as the bullish momentum is intensifying with time. Today the XMR/USD pair has crossed the $240 psychological mark. The cryptocurrency started recovering yesterday when bulls took the lead in their hands after going through severe loss just a day before. The bullish momentum is strong enough and has recovered a major chunk of the price. However, the overall price trend line is now towards the downside since 10th November, as the coin has been marking lower highs continuously since then.

XMR/USD 1-day price chart: Reversal in trends takes down the price to $265.9 level

The 1-day price chart for Monero price analysis shows the coin covered an upwards range today as well, the crypto pair traded in a range of $235 to $245 today, and the XMR/USD pair is trading at $243.5 at the time of writing. The cryptocurrency also shows an increase in value by 7.16 percent over the last 24 hours and also shows an increase in value by 2.10 percent over the past week. The trend was downwards at the start of the week, which is why the weekly gain is comparatively less than the daily gain. The trading volume has also increased by 25.44 percent resulting in a market dominance of 0.17 percent.

Monero price analysis: XMR breaks above $240 as bullish momentum intensifies 1

The volatility is high, and the Bollinger bands hint at a downwards breakout as both the extreme ends of the indicator are traveling downwards due to the overall downtrend, with the upper band at the $288 and the lower band at the $222.9 mark representing support for XMR, and the average line of the indicator at the $255 mark represents resistance for the coin.

The price has traveled above the moving average (MA) today, indicating a bullish crossover; the MA is present at the $239 mark. The relative strength index (RSI) is on an upwards slope at index 45. The RSI indicates the overpowering buying activity in the market, which is driving the price higher.

Monero price analysis: Recent developments and further technical indications

The 4-hour Monero price analysis shows the price movement is upwards for more than 20 hours, so a correction might be on its way, as the bulls might also be getting exhausted now. The RSI curve also complements this statement as it shows a slow down in the buying activity recently.

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Monero price analysis: XMR breaks above $240 as bullish momentum intensifies 2
XMR/USD 4-hours price chart. Source: TradingView

The RSI curve is now becoming less steeper and is taking a horizontal shape, hinting at bullish exhaustion. The volatility is still high, with the upper Bollinger band representing resistance for XMR at the $252 mark, and the mean average of the Bollinger bands at the $238 represents support for the coin.

Overall the technical indicators are still in favor of the bears due to the overall bearish price trend line despite today’s bullish move. There are 13 technical indicators supporting the bearish side, and only three indicators support the bullish side. The remaining 10 indicators stand neutral.

Monero price analysis conclusion

The Monero price analysis suggests the cryptocurrency is in bullish mode from yesterday, the coin has covered a considerable range upwards, but now a correction may start any time; how long will the correction last will depend upon if the XMR is coming out of the bearish slope or is continuing the slope. Nevertheless, if the coin continues upside, it will face selling pressure at $245. On the other hand, if it reverts back, XMR may find support near the $238 support zone.

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First Monero and Ethereum Atomic Swap Completed on Arbitrum

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The first atomic swap between monero (XMR) and ethereum (ETH) has occurred on Ethereum Layer 2 solution Arbitrum, according to data by Arbitrum blockchain explorer Arbiscan and Monero explorer.

Elizabeth Binks, a software engineer at blockchain R&D firm ChainSafe Systems, and contributors have completed the “XMR<->ETH atomic swap project”, marking their first XMR and ETH atomic swap.

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Atomic swaps, also referred to as atomic cross-chain trading, are generally regarded as one of the most genuine peer-to-peer (p2p) methods for trading cryptoassets as they allow two parties to trade tokens from two different blockchains without the need for a third party.

Arbitrum is an Optimistic Rollup (OR) – a layer 2 solution – and it is intercompatible with Ethereum. While Ethereum is the base layer or layer 1, those solutions built on top of it are layer 2.  

“With atomic swaps, online users trade cryptocurrencies without needing to trust each other or anyone else,” according to Monero Outreach. 

“Monero atomic swaps are made possible by new technologies and concepts and are being implemented by multiple teams, including a community funded software project called Farcaster and an algorithmically similar effort by the COMIT team,” the article said.

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Binks revealed the “XMR<->ETH atomic swap project” on November 15, stating: “It’s relatively simple, most of the heavy lifting occurs in an ethereum smart contract.” 

In late May, atomic swaps between XMR and bitcoin (BTC) went live on mainnet.

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Monero price analysis: XMR recovers after a steep plunge towards $226 low

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  • Monero price analysis is bullish today.
  • The price fell below $230 yesterday in a market crash.
  • XMR/USD rejected downside below $226.

The Monero price analysis shows the coin is trying to recover after crashing to the level of $226 yesterday. Bulls have taken over the control of price function as a small increase in price has been observed today as the XMR/USD is recovering from the loss.

Monero has been repeating the loss cycle again and again since 10th November, as the trend line has turned downwards and the coin is crashing after an interval of every three or four days, and yesterday’s damage was also a continuation of the downtrend. However, the bulls try to recover the price to some extent after every crash.

XMR/USD 1-day price chart: Bulls struggling for recovery

The 1-day price chart for Monero price analysis shows an increase in price for today as XMR is trading at $229.73 at the time of writing. Today the crypto pair traded in a range of $226 to $231.4 and reports an increase in price value by 2.18 percent over the last 24 hours. But due to the downtrend, the coin also reports a loss in price value by 7.44 percent over the past week. The trading volume has been dumped by more than 11 percent during the last 24 hours. However, the market cap went up by 2.11 percent for the same time period.

Monero price analysis: XMR recovers after a steep plunge towards $226 low 1
XMR/USD 1-day price chart. Source: TradingView

The volatility is high for XMR as the Bollinger bands are expanding, and the worrisome sign is, the lower band shows more divergence towards the lower side. However, the lower band also represents support for the coin at $215, and the mean average of the indicator represents the resistance level for XMR at $251.

The relative strength index (RSI) is trading at index 41 at the lower half of the neutral zone, and the upwards curve of the RSI indicates a slower buying activity in the market, due to which the recovery is also slow and small.

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Monero price analysis: Recent developments and further technical indications

The 4-hour Monero price analysis shows the price started to recover after the mid-session yesterday following a decline of a greater impact. The recovering process is slow and comparatively is very small chunks, even today bears tried to damage the price value, but bulls took over the price function again, as the last candlestick is green after the red candlestick.

Monero price analysis: XMR recovers after a steep plunge towards $226 low 2
XMR/USD 4-hours price chart. Source: TradingView

The volatility has also increased on the 4-hour chart, and the Bollinger bands have reached the following values; the upper band is at $255, and the lower band is at $219, the mean average of the Bollinger bands at $237 represents the resistance for XMR. The price just traveled above the moving average, which is present at $229.01, and the RSI now shows a little upwards curve, hinting at an increase in the buying activity.

Monero price analysis conclusion

The XMR seems to be continuing its downtrend, as the overall Monero price analysis portrays. The damages are very serious, and the recoveries are low, and the coin continues to mark higher lows. Today also seems to be a continuation of a recovery process which may continue till tomorrow or the day after tomorrow. The bullish momentum has not been powerful enough to break out of this trend, and XMR bulls need more strength to continue high in the next week, for which the circumstances don’t look favorable.

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Monero (XMR) The True Privacy Coin and Its Very Long History From Cake Wallet

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There is an interesting thread from Cake Wallet about Monero’s history.

Monero (then Bitmonero) started in 2014 on its own, fresh blockchain. It was a fair launch of the dubiously-launched Bytecoin code. Monero had no premine and no founders reward.

Instead, the drama came from the original founder thankful_for_today eventually suggesting unpopular changes, such as being merge mined with Bytecoin. Since the whole point of Monero was to distance the code from this scammy project, people were unhappy.

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Enter the Monero Core Team. They forked the project from thankful_for_today with new releases. Nearly everyone agreed with their vision, so the community followed. thankful_for_today continued making their own releases, but they stopped shortly after due to lack of interest.

The Monero Core Team inherited poorly commented code that was unlike any other cryptocurrency project’s. It took many months of effort just to figure out how the code worked. It was worth learning though, since the code did some amazing things that no other project did.

Fluffy Pony solicited the help of some of the brightest and most curious minds to create the Monero Research Lab. MRL commented the CryptoNote whitepaper and evaluated some of the most important privacy limitations. Luigi1111 wrote about Monero’s cryptography and designed tools.

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Surae Noether (Brandon Goodell) described the CryptoNote whitepaper in his review as follows; “The protocol looks secure and tight.” We think it looks secure and tight too!

The first MRL paper was released in September 2014. It focused on chain reactions, or the idea that one attacker could try to spam outputs to deanonymize the true source of funds in ring signatures. Many, many research papers have focused on this since.

Monero moved forward with an important privacy advancement in March 2016, when it set a network minimum ringsize of 3. Before then, one could effectively “opt-out” of ring signature protections, which many exchanges and mining pools did.

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Equally important was the adoption of RingCT to hide output amounts in January 2017. Before then, outputs were denominated (like CoinJoin pools), which offered FAR worse privacy. Adoption was swift; it was adopted in >50% of transactions in the first month.

RingCT was necessary for privacy, but transactions were chunky and slow. Luckily, Bulletproofs were discovered and enhanced to improve RingCT. In October 2018, Monero was able to increase its (now mandatory) ringsize to 11 while still reducing transaction sizes by several kB.

2017 was also important, because it was the first year Monero had an official GUI! It was also the first year Monero was available on mobile wallets. Cake Wallet was the first Monero wallet for iOS in January 2018 (we are now also on android).

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JEhrenhofer, Sarang Noether, and Brandon Goodell started a series that critically looked at Monero’s limitations and explained them simply, called Breaking Monero. It was a smashing success and is an obvious example of the Monero community’s openness.

Monero was part of DEF CON 26, where the community organized the Monero / BCOS Village. The Monero community planned DEF CON Monero or Cryptocurrency Villages the next 3 years. That year’s Monero Party even made the news.

Brandon Goodell organized the first (and still only, yay COVID) Monero Konferenco academic conference in June 2019.

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Monero was a part of the Chaos Communication Congress’s Critical Decentralization Cluster. Dr. Daniel Kim made an infamous Monero talk there that was immortalized in the #1 movie in the United States for 2 glorious days: Monero Means Money!

There are too many other improvements to note, but some of them are LMDB, CLSAG, Dandelion++, 0MQ, Fluffy (Compact) Blocks, CN-R, Tor and i2p compatibility, p2pool, RandomX, dynamic block size and fees, tail emission, spent output tooling, multisig, BTCPayServer integration,

Now on to the big stuff: How has Monero changed the world?

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Monero has represented the cryptocurrency space’s leading privacy project since inception. No other project has been repeatedly trusted with as many transactions, for as long, with as sensitive details. Ever. And there are no signs that will change.

No other project has consistently shown that it can iterate and improve with an entirely community-focused ethos. Monero has been on the front lines of this privacy battle its whole life, and its community has learned a thing or two about how to respond to privacy threats.

Monero has more private transactions than all cryptocurrencies combined. That includes all other privacy coins, and all privacy feature adoption on Bitcoin and Ethereum. It’s not even close.

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No other major project has successfully brought miners, exchanges, and market makers under its privacy wing. Networks need to include these to prevent different “types” of funds.

No other project has truly fungible money, where 1 XMR = 1 XMR. People don’t need to worry about different pools of funds, or different company policies. Monero is Monero, money is money. Simple. The way it should be.

Monero has already succeeded in setting a privacy implementation gold standard. Monero is the world’s leading private digital payment option. It has already changed the world for the better, as we at Cake Wallet are thrilled be a part of it!

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Where does Monero go from here?

First things first: efficiency. Bulletproofs+ and view tags make transactions smaller, faster to verify, and faster to scan. These are largely ready to go.

Of course, privacy isn’t going away. It’s only getting better. The largest ever absolute ringsize increase this next update? Seraphis and Lelantus Spark research looking promising for realistic ringsizes up to 128?

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Whatever magical cryptography breakthroughs come in the next few years, the Monero community has shown that they are willing and able to sensibly incorporate them into the Monero protocol.

Finally, people are catching on to Monero’s usefulness. Monero is the most obvious asset to consider in many cases since it is the only trusted fungible asset. Obviously, people wish to trade with fungible assets. And that has created an insatiable user demand for Monero.

The focus on atomic swaps is incredible. Comit network’s BTC<>XMR atomic swaps are live today. Farcaster’s are coming soon now that Bitcoin has activated Taproot. Community members have already begun working on ETH<>XMR atomic swaps. Development and interest have exploded.

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HavenoDEX inches closer and closer to a proper Bisq replacement that you actually want to use. Monero ATMs are popping up faster than ever, and that’s before LamassuBTC has even enabled XMR on their machines.

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