Monero price analysis XMR/USD loses 13 in 7 days, but the recovery is on the way
|- Candlestick model signals the downtrend reversal.
- Cryptography experts ask Monero community for XMR donations.
Monero (XMR) is changing hands at $109.52, off early Tuesday's low reached $103.33. The 9th largest coin by market cap has lost 7.6% since this time yesterday and nearly 13% in seven days time. Monero's market value is registered at $1.8B with daily trading volumes $39M.
Monero technical picture
On the daily chart, XMR/USD is supported by DMA50 currently at $106.20, while the upside is capped by DMA100 at $118.07. "Hammer" that appeared on the daily chart on September 12 suggests that the recovery may be extended, while the next strong bullish candle confirms the signal of the candlestick model. If the price takes the above-said DMA100 and $120.00, the recent recovery high at $141.92 will come into focus.
On the downside, a sustainable movement below $106.00 will trigger more sell-off towards psychological $100 and $99, created by the upside trendline.
Cryptography experts will do research in exchange for Monero coins.
Meanwhile, cryptography experts are running a crowdfunding campaign to finance Monero development. As the platform is truly decentralized and has no central body over it, the Research Lab has to submit funding requests to the community.
Academics Brandon Gooddall and Dr. Sarang Noether are asking the community to donate their coins to let them explore the potential and use-cases of Monero multi-sig wallets. Both want the equivalent of $9,000 at the exchange rate considerably lower than the current market rate.
Monero founder and lead developer Riccardo Spagni, also known as ‘fluffypony,’ supports the efforts of the researchers.
“The Monero Research Lab has been primarily responsible for major innovations in Monero, such as RingCT, so I’d definitely attest to that,” he wrote.
XMR/USD, the daily chart chart
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