Crypto news: Monero, Luna and Cardano

We begin the week by going over the latest news for crypto assets Monero (XMR), Terra (Luna) and Cardano (ADA).

Let’s also see how the 3 cryptocurrencies are doing on the price front.

Are we on the verge of a return to the bull market or is there still a few more months to wait before the altcoin sector shines again?

All the details in this article.

The latest news from the crypto assets Monero (XMR), Terra (Luna) and Cardano (ADA)

Starting with the crypto Monero, there is news to talk about after the Monerokon took place in Prague, a 3-day conference where developers and enthusiasts shared their ideas in the area of financial technologies, with a particular focus on the privacy side.

In particular, Luke Parker, developer of DEX Serai, announced that he is working on “cryptographic membership proofs” that will prove useful for Monero insiders.

This innovation makes it possible to fix some bugs in the “decoy selection algorithm” and to replace ring signatures, which is a special type of digital signature performed by a member of a group of individuals in which each person owns the decryption private keys.

Turning instead to Terra Luna, we can see how the community has achieved a quorum for a new on-chain governance proposal.

This is the idea of re-enabling the currently “expired” IBC client (Inter-Blockchain Communication Protocol) for a data connection between the Terra and Kujira blockchains.

The IBC is a protocol developed by Cosmos that allows for easy and automated handling of information passing between two blockchains.

The Terra community voted unanimously confirming that they would like to reactivate this kind of program, effectively opening the door to a new phase of development and collaboration between the developers of Kujira and precisely those of Terra Luna.

Finally, as far as Cardano is concerned, there is not much news on the horizon.

The only thing worth mentioning concerns an interesting initiative brought forth by Jeremy Firster, who serves as head of global partnerships for the Cardano Foundation.

Firster worked with the organizers of the World Lacrosse Championship, which took place in San Diego recently, to be able to include some Cardano NFTs within the fans’ merchandise.

These non-fungible-tokens, which can be acquired by scanning an NFC tag, represent an authentic certificate with which fans can connect with their teams and the community they belong to.

The NFT also allows fans to verify in real time in their “Digital Locker” all official Lacrosse jerseys they own, ascertaining the authenticity of each product.

Market analysis of the crypto assets Monero (XMR), Terra (Luna) and Cardano (ADA)

Let’s now turn to a crypto price analysis of the 3 assets: Monero (XMR), Terra (MOON) and Cardano (ADA).

Starting with the privacy coin Monero, we see how after a somewhat disappointing start to 2023, which saw the cryptocurrency go from values of $186 in January to $138 in June, we now see some green in the chart.

Interestingly, Monero has diverged from the price action of the rest of the market, which has seen major rises since the beginning of the year, while the historic cryptocurrency has stayed out of the spotlight.

However, it now appears that bullish hypotheses have become more concrete for Monero’s near future, especially after the last two weekly candles that pushed the coin into the $170 area.

Prices have settled above the 10- and 60-period exponential moving averages, with a nice bounce in the RSI indicator as well, which suggests that new rises are likely in the short term.

Monero currently trades at $169.5 with a capitalization of $3 billion and trading volumes in the last 24 hours of $59 million.

Analyzing the LUNA crypto on the other hand, we cannot but be pessimistic in the future forecast.

The currency no longer has a thriving ecosystem behind it and is in an overall dire situation, where the absence of liquidity in the network protocols and the loss of community confidence have driven prices down.

In particular, LUNA is in a perennial downtrend, with brief breaks coinciding with the crypto market rally at the beginning of the year and in the last days of June.

The crypto is above the 60-period exponential moving average and just above the 10-period moving average (daily time frame).

The only positive note is that we can observe a bullish divergence on the RSI: as prices fall, the indicator registers a rise, indicating that perhaps we may see a momentary recovery in the value of LUNA.

However, do not be fooled: beyond short-term speculation, there is no future for this currency.

At the time of writing LUNA registers a value of $0.65, with a capitalization of $200 million and a volume in the last 24 hours of $30 million.

Finally, as for Cardano (ADA), the situation remains very uncertain, with slightly higher probabilities for a decline rather than a bull rally.

After a tentative leg up in prices in early 2023, the cryptocurrency recorded a nasty weekly red candle on 5 June, which caused it to lose about 27% of its value

Over the past month, prices have stabilized but with no hint of a possible rally in sight.

Nevertheless, ADA has been consolidating for several months and as we know, it performs very well with every bull market. Thus, it is possible that the crypto will restart as strong as it did during the bull run of 2021, provided Bitcoin and the rest of the market succeed in entering the bull phase.

In the short-term, complete uncertainty reigns, with the RSI aligning with price movement, in an overall uninspiring environment for traders.

Rather than speculating on ADA in the short term, it is perhaps more convenient to accumulate it for the coming years.

The crypto is trading at a value of $0.29, with a capitalization of $10 billion and volume in the last 24 hours of $188 million

Monero and Binance: the exchange retraces its steps and calls off the delisting of privacy coins

After analyzing the situation in the price sphere for the 3 crypto assets, we can see that the most interesting at the moment is Monero (XMR).

We can see how Binance, a few days ago, stated that it has changed its mind about a decision made a few weeks ago.

In detail, on 1 June the cryptocurrency exchange platform had announced that it would delist a number of privacy coins in the European market in order to comply with local regulations and privacy watchdog directives.

Being privacy coins in fact, these coins allow users to be able to hide behind the power of cryptography in order to circumvent controls and assessments.

However, after about a month, Binance decided to backtrack, declaring that it had overhauled its operations and complied with the standards required by the European Union.

In any case, the delisting does not apply to Monero (XMR) and other currencies such as BEAM, MOB, FIRO, and ZEN, which remain impossible for the European public to trade.

Thus, in Spain, France, Italy, and Poland these restrictions continue, leaving a glimmer of hope after Binance’s turnaround for the remaining privacy coins on the exchange.

In view of the efforts of CZ and its team to be able to comply with local regulations, it is likely that in the future the doors will be reopened to Monero as well as the other excluded currencies.

Interestingly, XMR does not seem to have taken this news badly with the last 18 days being extremely positive for the cryptocurrency, which has even recovered the ground lost after Binance’s initial announcement that was not taken well by investors.

In conclusion, Monero remains strong with or without a European market, with prices fighting for a bullish return of the privacy coin.