Monero: Movin' Lower?
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What Is Monero (XMRUSD)?
Monero (XMR) was among the first cryptoassets to feature cryptography that offered real advances in privacy and fungibility over available alternatives. Its key differentiator was its ability to allow users to send and receive transactions without making this data available to anyone examining its blockchain.
As such, Monero is often classed with other privacy cryptocurrencies such as Zcash that have sought to address privacy weaknesses in Bitcoin. This, in turn, enables bitcoins to be traced, making them less fungible, as companies are able to identify and blacklist coins involved in suspected criminal enterprise, as an example.
Monero’s origins are more comparable to Bitcoin’s, involving a small online tech community that grew quietly over time as the project gained credibility and market share. Monero’s software is programmed to update every six months, a regular schedule that has helped it more aggressively add new features without much controversy. This has meant that Monero has been able to continue to introduce cryptographic advances like stealth addresses (which allow users to create one-time addresses) and ring confidential transactions (which hide transaction amounts).
XMR Statistics:
Technical Setup:
What Is Monero (XMRUSD)?
Monero (XMR) was among the first cryptoassets to feature cryptography that offered real advances in privacy and fungibility over available alternatives. Its key differentiator was its ability to allow users to send and receive transactions without making this data available to anyone examining its blockchain.
As such, Monero is often classed with other privacy cryptocurrencies such as Zcash that have sought to address privacy weaknesses in Bitcoin. This, in turn, enables bitcoins to be traced, making them less fungible, as companies are able to identify and blacklist coins involved in suspected criminal enterprise, as an example.
Monero’s origins are more comparable to Bitcoin’s, involving a small online tech community that grew quietly over time as the project gained credibility and market share. Monero’s software is programmed to update every six months, a regular schedule that has helped it more aggressively add new features without much controversy. This has meant that Monero has been able to continue to introduce cryptographic advances like stealth addresses (which allow users to create one-time addresses) and ring confidential transactions (which hide transaction amounts).
XMR Statistics:
- Market Capitalization: 5.8B
- CryptoAsset Rank: #25
- 24-Hour Return: +2.5%
- 7-Day Return: +20%
- From All-Time High: -34%
Technical Setup:
- When looking at the XMR 1D chart, we'll see that XMR is clearly in a broadening ascending wedge. As a matter of fact, XMR just tested the wedge's resistance for the 5th time in the past 6 months or so.
- With XMR having failed to punch through the wedge's resistance, one could expect history to repeat and XMR trend back down to its 50D SMA (currently $237) in the forthcoming days/weeks.
- Note that every time XMR tests the wedge's resistance, XMR mean reverts back down to or through its 50D SMA.
- This mean reversion lower would be congruent with XMR's valuation relative to BTC trending lower after failing to punch through 0.00575 BTC resistance for a second time in a row. Double top, anyone?
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