Tanya Abrosimova
Independent Analyst
- 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
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
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin 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?
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?