- Monero has been on recovery mode lately.
- Riccardo Spagni believes in cryptocurrency adoption.
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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?