• Monero developers activated a hard form on the blockchain.
  • XMR/USD is moving inside the range with bearish bias.

The developers of the privacy-focused cryptocurrency Monero confirmed that the hard fork was successfully implemented on block 1978433. 

Its main feature was the activation of the new RandomX algorithm, which replaced the previous Proof-of-Work algorithm of CryptoNight R. Now mining operations can be effectively carried out on video cards and processors. The developers are sure, that this step can increase the level of decentralization of the Monero network, as well as remove FPGA and ASIC devices from the network.

Hidden mining was one of Monero's most known issues. The transition to RandomX is designed to improve the situation.

Monero's technical picture

At the time of writing, XMR/USD is changing hands at $53.29. Now the 13th largest digital asset with the current market value of $922 million has stayed unchanged on a day-to-day basis. Monero hit the bottom at $0.45.91 on November 25; however, the recovery stopped short of $58.00. This resistance reinforced by SMA50 (Simple Moving Average) daily has been limiting the upside in the end of November.

On the downside, the support is created by psychological $50.00 followed by the lower line of the daily Bollinger Band at $46.80.

XMR/USD, the daily chart 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD consolidation lags triangle breakout

Bitcoin remained under pressure during the entire weekend. The attempts made to stay above $7,200 support failed, leaving to the path of least resist ace to be below $7,000. Bitcoin’s immediate upside is limited by the 50 SMA on the 2H chart.

More Bitcoin News

Ethereum Price Update: ETH/USD defends $140 support yet again

Ethereum is largely unchanged compared to the levels towards the end of last week. The pressure oozing from the bears continued across the weekend session. Besides action beyond $145 remained limited.

More Ethereum News

Ripple Price Analysis: XRP/USD spirals in freshly reignited downward momentum

Ripple has ignited the bearish momentum breaking the weekend-long support at $0.2160. The losses come after an attempt to break out from the descending channel resistance failed.

More Ripple News

Cardano’s IOHK celebrates 120 staking pulls less than 24 hours after testnet launch

The research firm in charge of developing Cardano, a major cryptocurrency, IOHK was delighted to announce the fantastic performance of the newly launched testnet.

More Cryptocurrencies News


Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast