Monero update: XMR had the first positive month in a year

February turned to be a successful month for Monero (XMR) as the coin gains 11% to trade at $48.85 at the time of writing. It’s the first positive month for the 13th largest cryptocurrency since February 2018. The coin tested $55.54 high, but failed to hold the ground. The key resistance is now seen at $50.00. Once it is cleared, the recovery may be extended towards $51.50 and the recent high of $55.54.

On the downside, the sell-off may be stopped by $45.00 support area. If it is broken, the downside momentum will gain traction with the next aim at $40.00.

Monero has been in spotlight recently due to ASIC mining issues. The team of the project performed a hard fork to resist ASICs miners, though the effect was limited. The next fork is scheduled on March 8, it is designed to prevent the coins from being mined on ASIC devices. However the market participants doubt that frequent forks are good for the network.

Riccardo Spagni, the lead developer at Monero,shared his views about the coin and the adoption of cryptocurrencies in general while speaking in the interview with Naomi Brockwell.

“People cannot be stopped from the technology they use and this fact should be accepted and embraced. To ensure a safe transaction environment, there should be regulations within the space. It is still early days for the technology and there is still a lot more to come for the Monero ecosystem,” Spagni said.

Spagni highlighted how people are wrong to believe that all that has o do with digital assets is illegal when in fact things are not like that.
He thinks that people are often wrong to believe that digital assets are for illegal business. However, this misconception will be removed soon.
 

XMR/USD, 1D chart