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- 1 Growing concerns about corporate and governmental spying have driven interest in Monero.
- 2 The bears have taken a grip on the XMR coin price
- 3 The 50-minute EMA and the 150-minute EMA are confronting at a level of $173
Growing concerns about corporate and governmental spying have driven interest in privacy currencies such as Monero. Recent improvements to the Monero protocol, such as the addition of Triptych and ongoing work on Kovri, aim to increase scalability and anonymity even further.
Ricardo Spagni, also known as Fluffypony, left his role as lead maintainer of the project in December 2019 to further decentralize Monero’s core development and focus on building products and services on the protocol.
What are the features of Monero?
Monero’s distinct privacy features, including ring signatures, stealth addresses, and secret transactions make it an attractive option for those who prioritize financial privacy.
As government demands intensify on other digital currencies, the XMR coin emerges as a better pick. The unpredictability of the cryptocurrency regulatory environment has made Monero more appealing, raising demand and driving up the cryptocurrency’s price.
Triptych reduces transaction size and improves network speed by increasing the efficiency of ring signatures. Kovri focuses on enhancing Monero’s network layer privacy by including I2P (Invisible Internal Project).
With more people concerned about their privacy and needing private financial transactions, Monero is an excellent choice for privacy-conscious users in the ever-changing world of digital currencies due to its unwavering dedication to technological developments.
Technical Analysis and Prediction of the XMR Coin Price
The XMR coin price surge can be attributed to several reasons, including increased regulatory attention on well-known cryptocurrencies, prompting investors to seek safer and more private options.
The demand for privacy coins like Monero has increased, with assets focused on anonymity becoming more popular due to concerns about possible privacy violations and strict regulations in the crypto industry. Bulls and bears are confronting from long at $173. XMR bulls have support levels at $172 and $170.
The convergence of growing privacy concerns and technological upgrades in Monero highlights the growing significance and need for privacy currencies. The current price action in XMR coin price seems in the control of bears. They have resistance levels at $175 and $177.
| Pivot | Classic | Fibonacci | Camarilla | Woodie |
| S3 | 133.800 | 150.400 | 165.300 | 145.000 |
| S2 | 150.400 | 156.700 | 166.900 | 151.100 |
| S1 | 160.100 | 160.600 | 168.400 | 161.600 |
| P | 167.000 | 167.000 | 167.000 | 167.700 |
| R1 | 176.700 | 173.300 | 171.400 | 178.200 |
| R2 | 183.600 | 177.200 | 172.900 | 184.300 |
| R3 | 200.200 | 183.600 | 174.500 | 194.800 |
Conclusion
The XMR coin price is facing resistance at $173 due to privacy concerns. Monero has improved scalability and anonymity with Triptych and Kovri. The price surge is attributed to regulatory attention and the need for privacy. Bulls have support levels at $172 and $170.
Technical Levels
- Support Levels: $172 and $170
- Resistance Levels: $175 and $177
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.