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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Monero (XMR) Surges 25.3% As Developers Crackdown On ASIC Miners

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

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  • Monero (XMR) spikes 25.3 percent
  • RandomX under audit

In Monero, decentralization is vital. As a result, the next enhancement of its mining algorithm, via RandomX, is a step in the right direction. Eventually, the hash rate will pick up as more ordinary miners flow back. In turn, their participation will fortify the network, instilling confidence, and XMR could surge higher in response.

Monero Price Analysis

Fundamentals

Given the threats of Application Specific Integrated circuits (ASICs) in a network, creators of Monero are not taking this lying. The founder of Monero has more than once expressed his distaste for ASICs, and is walking the talk.

To put this in perspective, Monero is firmly built around adherence to ground rules. Therefore, that means compliance to blockchain principles governing other liquid coins as Bitcoin and Ethereum.

Fronting decentralization-which ASIC miners, mostly churned by Bitmain, often crash as their miners are turbo-charged to maximize hash power, their use fosters an unfair mining landscape. It causes a destabilization, cutting out interested and honest GPU miners from participation.

As such, their walling off of ASIC miners has been lauded. However, it was a hard choice to make because their hash rate plummeted at the wake of this upgrade. Crashing from around 1,000 MH/s to less than 300 MH/s, the network was susceptible.

All the same, it was done for the betterment of the Monero community, which by far is a well-capitalized privacy-centric coin. Currently, plans for a new mining algorithm are in progress. The activation of RandomX will be in July 2019, dependent on the satisfaction of code auditors.

Candlestick Arrangements

Monero XMR

At the time of writing, XMR is one of the top performers. By surging 25.3 percent, the coin is more valuable than Dash. Notably, it is less than $400 million away from flipping TRX as buyers aim at a spot in the top-10.

Behind this resurgence are favorable fundamentals and supportive candlestick arrangements. Additionally, note that underlying momentum is strong thanks to bull candlesticks banding along the upper Bollinger Bands.

From the chart, XMR is trading within a bullish breakout pattern. Effortlessly clearing $75 and psychological $100 at the back of high trading volumes, buyers are firmly in control. In light of this, every dip is another buying opportunity.

That means traders can buy the retracements with first targets at $150, another resistance level previous support. Should buyers slowdown, expected support will be at $100 or May 2019 high.

Technical Indicators

As momentum builds up, trading volumes should increase. That means in days ahead, participation levels confirming buyers should exceed current averages of 14k and even 32k of June 22.

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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Reason to trust

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