• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo

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

Dalmas Ngetich by Dalmas Ngetich
2 years ago
in Uncategorized
Reading Time: 2min read
technical analysis altcoins
Advertisement
Nexo Logo
Listen to Article
  • 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.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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

Tags: moneroRandomXXMR
TweetShare
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Dalmas Ngetich

Dalmas Ngetich

Interested in new Tech

Related Posts

Bitcoin

Altcoins Fly as Bitcoin Ranges: What Analysts Think Comes Next for BTC

2 hours ago
bitcoin of america

How Bitcoin of America’s ATM Host Program has Helped Hundreds of Local Businesses

5 hours ago
Chainlink (LINK)

Charted: Chainlink (LINK) Remains In Strong Uptrend, Why It Could Test $25

10 hours ago
5 Projects Bringing Institutional-Grade Products to Crypto

5 Projects Bringing Institutional-Grade Products to Crypto

11 hours ago
Ethereum

TA: Ethereum Steadies Above $1,150: Why ETH Could Outperform BTC

12 hours ago
Bitcoin

TA: Bitcoin Topside Bias Vulnerable, Why BTC Could Dive Below $35K

14 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Robonomics Winter School 2021 Master Classes And Lectures Open For Attendees

January 18, 2021

Introducing ethrift.io Non-Custodial FIAT Ethereum Gateway

January 16, 2021

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.