Monero Price Stagnates, How Soon Will It Cross This Obstacle?

Over the past couple of months, the price of Monero has appreciated significantly. However, in the last week, the altcoin’s price action has dulled out, and XMR has been unable to secure significant gains. Although Monero gained just 1.5% over the last 24 hours, it noted a sharp recovery from the $140 zone to $180 [...]

The post Monero Price Stagnates, How Soon Will It Cross This Obstacle? appeared first on Crypto Breaking News.

View Details

Monero (XMR) Higher 13 Days In A Row: What’s Next?

An altcoin with a long and storied history, Monero is currently running to the upside in a way it never has before. After closing higher for twelve consecutive days – a new record for the privacy-focused altcoin – Monero looks poised to once again make history with a thirteenth straight higher close. What’s happened after other Monero winning streaks in the past? Let’s take a closer look at the price history to find out. Monero Win Streak Making History Monero’s current winning streak of twelve consecutively higher closes breaks the previous record set in 2021 of ten straight higher closes. While the price advance is clearly impressive, its unprecedented nature means we’ll have to look at earlier and shorter win streaks to get an understanding of what might be ahead for Monero in the future. In other words, we’ll use the prior shorter historical win streaks to generate enough occurrences to make a more statistically meaningful conclusion. Monero 2023 Winning Streak | XMRUSD on TradingView.com   Monero 2021 Winning Streak | XMRUSD on TradingView.com Related Reading: After Raising $3M, HedgeUp (HDUP) Receives Influx of Shiba Inu (SHIB) and Monero (XMR) Investors Because the number of occurrences varies based on holding time, we’ll start by listing the number of times that six straight higher closes has happened next to our several hypothetical hold times of 7 days through 365 days. Holding time is defined as the amount of time one held the asset before exiting. For example, if one hypothetically purchased Monero following the trigger event (i.e., 6 straight higher closes) and sold it 30 days later, this would be a holding time of 30 days. Monero Occurrences of Six Consecutive Higher Closes by Holding Time (May 2014 – Present) 12 occurrences using a 7-day hold time 12 occurrences using a 15-day hold time 12 occurrences using a 30-day hold time 11 occurrences using a 60-day hold time 11 occurrences using a 90-day hold time 7 occurrences using a 180-day hold time 5 occurrences using a 356-day hold time While the number of occurrences remains limited even with the shorter win streak, past Monero winning streaks of six consecutively higher closes provides enough data to examine so let’s dive into the analysis. Past Monero Win Streaks Suggest More Strength Ahead The hypothetical average trade results for Monero (XMR) show a consistent positive edge across all holding times from 7 days through one year. Please note that even though the average historical trade results are positive for each hold time we examine, losses have also occurred for each hold time. Monero Hold Time Results for Six Straight Higher Closes | SOURCE: Tableau Going out to a roughly three-month hold time, the past win streaks have delivered far greater gains on average, with an average trade of +65.1% with a 90-day hold, +121.7% with a 180-day hold, to an impressive +373.8% with a 365-day hold. Related Reading: Solana (SOL), Monero (XMR), and DigiToads (TOADS) Form an Unbeatable Trio for Crypto Investors While we’ve certainly never seen a streak of consecutively higher closes to match the current twelve and nearly thirteen, Monero’s long price history suggests that more strength could be ahead, especially going out to three months and beyond. DB the Quant is the author of the REKTelligence Report newsletter on Substack. Follow @REKTelligence on Twitter for evidence-based crypto market research and analysis. Important Note: This content is strictly educational in nature and should not be considered investment advice. Featured images created with Tableau. Charts from TradingView.com.

View Details

Monero Price Continues Its Bullish Streak, Will This Be Its Next Trading Range?

Monero price has been bullish despite the broader market trends. Over the last 24 hours, XMR has continued moving up on its chart. It gained close to 4%. In the past week, Monero price gained significantly as there was a 9% appreciation on the altcoin’s chart. The technical outlook for the coin was bullish on the one-day chart. Monero has experienced low buying pressure over the past few days. The technical indicator now displayed that buying strength was recovering on the charts, which meant that XMR could be headed close to its next resistance mark. With increased demand, XMR could hold onto its bullish momentum. The support zone for Monero price was between $146 and $136, respectively. Bitcoin was also up on the charts, which has helped other altcoins make recoveries on their respective charts. Monero has to move above the $146 price mark. That could only be possible if the demand for XMR continues to increase and remain consistent. Monero Price Analysis: One Day Chart XMR was trading at $146 at the time of writing. The coin’s immediate resistance level was $154. The coin needs to move past that level for the bullish streak to strengthen on the chart. The other tough price ceiling for Monero price to break past would be $163. The bulls have been rejected at that level for multiple weeks now. On the flip side, if Monero prices go through a pullback, the first level for Monero would be $134. A fall below the $134 price mark could cause XMR to move down to $127. The amount of Monero traded in the last trading session decreased, which indicated that selling strength had fallen at the time of writing. Technical Analysis XMR’s technical indicators have reflected the increase in buying strength, painting a positive price action. Selling strength on the chart declined, which could help XMR move up on its chart further. At the moment, the Relative Strength Index moved up near the half-line, and buying strength and selling strength were almost even. As the indicators displayed, the chart sided with the buyers more. Monero price moved up above the 20-SMA as buying strength recovered. It also meant that buyers were driving the price momentum in the market. Related Reading: Polkadot Price Drops On Chart With Resistance At $6.80, What’s Next? XMR’s other technical indicators are also inclined towards the bullish side. The Moving Average Convergence Divergence indicated the price momentum and overall price action. The MACD underwent a bullish crossover and formed green signal bars, which was buy signal for the coin. The Parabolic SAR determines the price direction of a particular crypto. The dotted line below the price candlestick means an upward trend for Monero price. Related Reading: Cardano Price Fails To Pierce Through $0.48 As Bears Continue To Dominate Featured image from The Street, Chart: TradingView.com

View Details

Monero Soars 50% As Crypto Market Weakens, What’s Behind the Rally?

Popular privacy coin Monero (XMR) has been on a rally since the start of 2022. The cryptocurrency appears to be moving on its own as the crypto market trends sideways. Related Reading | Monero And Zcash Take Off With 15% Gains, Here’s What May Have Spurred The Rally Recently, XMR bulls are displaying more strength. At the time of writing, XMR trades at $285 with a 6% profit in 24 hours, a 34% and 50% profit in the last two weeks and 30-days, respectively. As announced by one of Monero’s maintainers via a post, the network will undergo an upgrade on July 16th, 2022, at the height of block 2.6 million. The “Fluorine Fermi” update will introduce new features to the network. As the developer stated, Monero will increase its ring size from 11 to 16. The ring size is a term to refer to the total number of signers in an XMR transaction. As part of this network’s unique model, the update will provide users with more base privacy. In addition, the network will implement an upgraded version of its Bulletproofs algorithm to decrease its transaction size by around 7%. This change is supposed to improve the network’s scalability by making “every transaction lighter and faster”. On the latter, the network will reduce the wallet’s sync time by around 30 to 40%, the post said, and will implement a change to Monero’s fee model. Thus, users can expect to see an uptick in the network’s “security and resilience”. As the update will be deployed via a Hard Fork, users and node operators will need to update their software. The maintainer made the following request to the users: A new release will be announced before the network upgrade (around the 16th of June). You will only have to be using the updated software by the time the network upgrade occurs (16th July). To the end user, it will be like a simple software update. #Monero will undergo a network upgrade on July 16th, 2022:https://t.co/9NKlGtqXAn All users will need to do is keep their favorite wallet up to date, update their nodes once v0.18 is released (~June 16th), and enjoy even better digital cash afterwards ?? — Monero (XMR) (@monero) April 20, 2022 Could Monero Be Spelling Danger For The Crypto Market? It’s possible that Monero’s recent price action is due to its upcoming network update. As mentioned, they are substantial and will provide the users with interesting new features. Data from Material Indicators (MI) records an increase in buying pressure from retail investors during April. At the same time, investors with ask orders larger than $10,000 have been selling into the rally. Unless larger investors classes step in, XMR could be at risk of a short-term decrease. Related Reading | Monero (XMR) Price Slides As Canada Includes Crypto In Emergencies Act Additional data provided by Jarvis Labs indicates a potential danger for the entire crypto market. According to their “Dino Index” (comprise of Ethereum Classic, Zcash, Litecoin, Bitcoin Cash, and others), a metric to track the performance of these assets to show their inverse correlation with the crypto market, there could be some obstacles ahead. Jarvis Labs said via their Telegram Channel: Quite evident that majority of the time when these dino coins rise and btc rises, better to look at profit taking or hedging the risk and look for market tops.

View Details

What Is Monero (XMR) Network?

[toc] What Is Monero (XMR)? Monero (XMR) is one of the leading cryptocurrencies focused on privacy, zero knowledge, and censorship-resistant transactions.  The Monero network operates on a proof-of-work (PoW) consensus mechanism, like Bitcoin and various other cryptocurrencies. This system incentivizes miners to contribute blocks to the blockchain. Monero’s PoW algorithm is designed to resist specialized mining equipment known as application-specific integrated circuits (ASICs). These ASICs confer a significant advantage to companies and affluent individuals, potentially leading to the centralization of the network. In 2018, Monero became the first major cryptocurrency to deploy what is known as bulletproofs, a technology that greatly improved the efficiency of XMR transactions and led to at least an 80% drop in the size of the average transaction and dramatically reduced fees for the end-user. Related Reading: What Is Kaspa (KAS) Blockchain? Monero underwent an upgrade in 2019, transitioning to the RandomX algorithm. This algorithm is tailored to accommodate both CPU miners (such as laptops) and GPU miners (utilizing standalone graphics cards). Theoretically, this adjustment should foster greater decentralization within the Monero network. Who Are The Founders Of Monero (XMR)Network? Monero (formerly known as Bitmonero) traces its roots back to 2014, when it forked from the Bytecoin blockchain. Its development has been steered by a vibrant community of developers, including Ricardo Spagni (aka Fluffypony), who played a pivotal role in shaping Monero’s trajectory. The commitment to open-source principles and community-driven governance underscores Monero’s success.  Since its launch, Monero has undergone significant enhancements, including database structure migration, implementation of RingCT for transaction amount privacy, and setting minimum ring signature sizes to ensure all transactions are private by default. These improvements have bolstered the network’s security, privacy, and usability. Related Reading: WHAT IS XRP LEDGER (XRP)? The Monero Project leads the charge with its dedicated Research Lab and Development Team, continuously pioneering innovative technologies. Since its launch, the project has garnered contributions from a diverse pool of over 500 developers spanning various continents. Investors And Institutions Backing the Monero (XMR) Token Understanding who directly funds Monero can be tricky due to its emphasis on privacy, but it has attracted a solid base of investors. Monero has various indirect channels through which investors and institutions support and invest in the Monero ecosystem. Large mining pools play a vital role in ensuring network security and processing transactions. Although they don’t directly fund Monero (XMR) Token, their involvement indicates a broader belief in Monero’s potential. MinerGate, known for its wide user base, and SupportXMR, an open-source Monero mining pool, are actively contributing to community development. Also, Monero (XMR ) being listed on reputable exchanges like Binance and Kraken enhances accessibility and attracts large investors. The Monero Community Development Fund (CDF) relies on donations to support developers and projects. Notable contributors include Edge Wallet and Cake Wallet, both actively contributing to the CDF. What Monero Network Aims To Achieve In The Crypto Space And Beyond  At its core, Monero champions the right to financial privacy, offering unparalleled anonymity through advanced cryptographic techniques. Transactions conducted on the Monero network are shielded from prying eyes, ensuring the confidentiality of senders, receivers, and transaction amounts. Related Reading: What Is Sei (SEI) Network? This commitment to privacy empowers individuals to transact freely and securely without fear of surveillance or censorship and serves as a shield against oppression in regions where financial freedom is restricted. Monero has had around 32 million XMR transactions, with approximately 8.6 million in 2022, a slight drop from its peak in 2021. In comparison, Bitcoin recorded nearly 800 million transactions during the same timeframe. Monero’s privacy features have legitimate applications in safeguarding sensitive financial information, protecting personal liberties, and preserving economic freedom. How Does Monero (XMR) Work? Monero’s core privacy features are its utilization of ring signatures, stealth addresses, and RingCT. Unlike transparent blockchains like Bitcoin and Ethereum, Monero prioritizes user confidentiality, offering a level of anonymity comparable to physical cash transactions. Despite its acclaim within the cryptocurrency community, Monero hasn’t been immune to regulatory scrutiny. Regulatory bodies have raised concerns about the potential misuse of privacy coins, leading to restrictions on their trading and listing on certain exchanges. However, Monero remains steadfast in its commitment to privacy, offering users a secure and private means of transacting in the digital realm. Monero’s mining mechanism sets it apart from its peers, emphasizing inclusivity and accessibility. The RandomX algorithm, optimized for general-purpose CPUs, democratizes the mining process, allowing a diverse range of hardware to participate. This approach prevents the centralization of mining power, ensuring a more decentralized network. Monero also introduced “smart mining,” a sustainable alternative that utilizes a computer’s idle processing power to mine XMR. This energy-efficient method aligns with Monero’s ethos of accessibility and sustainability in cryptocurrency mining. It also makes use of  Dandelion++  to hide IP addresses associated with nodes to avoid exposing sensitive information.  What Makes The XMR Token Unique? Monero’s approach to transaction handling sets it apart as a pioneer in the field of privacy-centric digital currencies. Through the utilization of split amounts and the generation of unique one-time addresses for each transaction fragment, Monero(XMR) effectively obscures the trail of funds, making it virtually impossible to trace the exact mix of currency units belonging to a recipient. This intricate methodology ensures that Monero transactions remain shrouded in secrecy, bolstering user confidence in the network’s ability to preserve financial privacy. Related Reading: How To Buy, Sell, And Trade Tokens On The Avalanche Network With features such as view keys and spend keys, Monero users have control over their accounts, allowing them to selectively grant access to specific parties while preserving the confidentiality of their financial information. In essence, Monero’s unique blend of privacy-enhancing features, innovative transaction handling, and user-centric design sets it apart as a trailblazer in the cryptocurrency landscape. Notable Features Of The Monero (XMR) Network Privacy by Default: Monero utilizes advanced cryptographic techniques such as ring signatures, stealth addresses, and Ring Confidential Transactions (RingCT) to obfuscate transaction details, ensuring unparalleled privacy.  Fungibility: Every XMR coin is interchangeable, ensuring that no history can be traced back to tarnish its value. This fungibility aspect is crucial for a currency to function effectively without discrimination based on its past usage. Decentralization: Monero’s mining algorithm, CryptoNight, is designed to be ASIC-resistant, fostering a more decentralized mining ecosystem where individuals can participate using standard computer hardware, thus mitigating centralization risks. Active Community: The Monero community is vibrant and passionate, constantly advocating for privacy rights and pushing the boundaries of technological innovation to safeguard financial sovereignty.  Adoption and Recognition: Despite its emphasis on privacy, Monero has garnered significant attention from both users and institutions. It has found utility in various domains, including online marketplaces, remittances, and privacy-conscious transactions. Moreover, prominent figures in the cryptocurrency space have recognized Monero’s value proposition, further solidifying its position in the digital currency landscape. Potential Applications Across Various Industries  Financial Services Sector: Monero’s blockchain technology can revolutionize processes such as trade finance, lending, and asset management. Its privacy-enhancing features and technologies ensure that sensitive financial transactions remain confidential while still maintaining transparency and auditability. Additionally, Monero’s decentralized nature eliminates intermediaries and reduces costs.  Related Reading: How To Buy, Sell, And Trade Crypto On The Base Network Supply Chain Management: This sector stands to gain significant advantages from Monero. By leveraging Monero’s immutable ledger and privacy-enhancing features, businesses can enhance transparency, traceability, and authenticity throughout the supply chain. Monero’s blockchain ensures the integrity of goods and reduces the risk of fraud and counterfeiting. Media And entertainment industry: These two industries can also harness the power of Monero’s blockchain for various applications. Whether it’s managing digital rights, tracking royalties, or enhancing content distribution, Monero will help secure a transparent platform for content creators, distributors, and consumers. By utilizing Monero’s blockchain, companies can streamline royalty payments, protect intellectual property rights, and create new revenue streams in the digital media landscape. Government Institutions: Monero’s blockchain has promising applications in government services; governments can leverage Monero’s blockchain for secure voting systems, digital identity management, and transparent public services. Cybersecurity And IoT (Internet of Things). Monero’s decentralized and immutable ledger provides robust protection against data breaches and cyber-attacks. In IoT, Monero’s blockchain can facilitate secure data exchange and device authentication, ensuring the integrity and privacy of IoT ecosystems. The Tokenomics Of XMR  Monero XMR aims to maintain scarcity and foster value appreciation like Bitcoin. With a capped total supply of approximately 18.4 million XMR coins, similar to Bitcoin, Monero aims to prevent inflation, thereby potentially contributing to sustained value appreciation over the long term. Monero endeavors to incentivize miners and uphold network security. Utilizing a Proof-of-Work (PoW) consensus mechanism, Monero relies on miners to safeguard the network. Initially, the emission rate of XMR was high but has gradually decreased over time. Currently, with a block reward of 0.6 XMR per block as of 2022, Monero introduces a “tail emission” to sustain ongoing miner incentives. Conclusion Monero’s blockchain technology holds immense potential for transforming various industries by providing a secure, private, and transparent platform for conducting transactions and managing data.  Related Reading: How To Buy, Sell, and Trade Tokens On The Arbitrum Network With its focus on anonymity and confidentiality, Monero offers a versatile solution for businesses seeking to enhance privacy, security, and efficiency across diverse sectors. As the adoption of blockchain technology continues to grow, the potential applications of Monero are limitless, paving the way for a more secure and decentralized future. Featured image from Dall.E

View Details