Monero (XMR) hash rate jumped by nearly 200% in seven days; price reaction is mildly positive

Monero's hash rate increased by 186% in recent days after the team released a new update with the new mining algorithm RandomX. The new rules eliminate the benefits of ASIC-based mining and increase network decentralization.

Hash rate is ofter referred to as a network difficulty as it defines the number of hashes calculated by computers before the next block is discovered. 

Prior to the upgrade, Monero hash rate was registered at 309 MHash/s, while seven days later it has settled at 952 MHash/s. Experts believe that the spike is caused by ASIC-resistant features that gives all miners an equal opportunity to participate in the mining. 

Monero price resistance

While the development is regarded as positive for the Monero network, the price has been stagnant lately. On Tuesday, XMR/USD attempted a move towards $55.00 but retreated to $52.40. At the time of writing, the coin is changing hands at $53.41, having gained about 2% of its value since the beginning of the day. 

Looking technically, the strong resistance is created by a $55.00-$55.20 area. This is the upper boundary of the recent consolidation channel. Once it is out of the way, the upside is likely to gain traction with the next focus on SMA50 (Simple Moving Average) daily at $57.60, reinforced by the upper line of the daily Bollinger Band.

On the downside, a sustainable move below $52.00 will increase the selling pressure and push the price towards a psychological $50.00. The next slang-term support awaits us at $45.90, which is the lowest level since November 25.

XMR/USD, the daily chart