• 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

BTC/USD is on the verge of a massive rally, on-chain data implies

Bitcoin's address activity has reached 1.07 million, which is the highest level since January 2018, according to the cryptocurrency data provider Santimnet.

More Bitcoin News

EOS /USD enters bullish phase, gains 2% in a matter of minutes

EOS/USD catapulted to $2.44 having gained over 2% of its value in a matter of minutes. By the time of writing, the coin retreated to $2.40; however, it is still nearly 2% since the start of the day and 1.45% higher on a day-to-day basis.

More EOS News

XRP/USD attempts a recovery, still within the range

Ripple (XRP) has been trading in a tight range since the end of June. At the time of writing, the coin is changing hands at $0.1770, having gained over 1% since the beginning of the day. 

More Ripple News

ADA/USD drops down following a heavily bullish Wednesday

ADA/USD bears dropped the price down from $0.0976 to $0.0945 this Thursday. This followed a heavily bullish Wednesday, wherein the price flew up from $0.0833, climbing above the 20D Bollinger Band.

More Cardano News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast

BTC

ETH

XRP