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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Monero (XMR) Capped at $100 Despite Szabo’s Advocacy

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis altcoins

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  • Monero (XMR) steady in the last 24 hours
  • Nick Szabo is advocating Monero

Privacy is the future, and Monero is well-positioned. Despite their reliance on developers, Monero as a network is resilient, rebuffing miner centralization attempts. Thus far, like most coins, XMR is vulnerable. Even so, it is trading within a bullish breakout pattern against the USD.

Monero Price Analysis

Fundamentals

The future is, indeed, private. Affirming this is a conscious campaign by citizens against behemoths keen on collecting and processing personal data for their benefit. Social media giant Facebook is one such firm. Notwithstanding their $5 billion settlement with regulators, they are looking to launch a stablecoin backed by several fiat currencies.

Although it is novel in theory, there are concerns. One of them is that Facebook will not be trusted with financial data given its track record. Whether or not Facebook’s Libra will weather the storm, Monero, the most visible privacy coin stands a chance. Already, it has support from Nick Szabo, the creator of smart contracts.

It’s a lucrative share that will cement Monero developers’ ambitions of creating a perfect cryptocurrency that is cheap, secure, and above all, without vulnerabilities because of complete decentralization.

Even so, there is always a trade-off. In the quest for complete decentralization and riding of ASIC miners, the network is vulnerable. Not only is it less secure in terms of computing power, but there is a risk of placing Monero’s code to developers relied on their frequent upgrades.

Candlestick Arrangements

Monero XMR

Presently, XMR is steady but under pressure. Similar to BTC and other liquid coins, there is a chance that bears will flow back. That’s regardless of XMR is trading within a bullish breakout pattern against the USD.

Unless otherwise there is a surge past the middle Bollinger Band (BB), the flexible resistance line and $100, the round number, XMR is likely to edge lower. From the chart, it is clear that XMR bulls are weak.

Notice that in spite of the under-valuation of July 17, prices are still oscillating within July 16 trade range. If anything, that is bearish. As such it is an opportunity for bears to re-enter from an effort versus results point of view. Immediate target is $50.

Aside from that, XMR is printing lower at the back of increasing trade volumes as of June 26, and July 8 candlesticks demonstrate.

Technical Indicators

As aforementioned, leading this trade plan is July 8 bear candlestick. Trading volumes are decent at 48k.

Because of the level of participation vis-a-vis recent averages of 10k, any surge past $100 with high trading volumes surpassing 48k shall confirm buyers of early May.

In that case, XMR may float to $120 and later $150. On the reverse side, any drop below $75 will open doors for $60 and if bears are persistent, to $40.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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