Monero Frees Itself From The Bears’ Control

Prices have been in a downtrend for the past few days in the crypto market, and today, the market looks better compared to the past period of time.

Monero is trading in the green as well, and at the moment of writing this article, the privacy-oriented coin is priced at $46.76.

CryptoNewsZ writes that “Weekly prices traded above the key support area from May to August around $83 but couldn’t hold its support and now moving towards the critical support of $37.11.”

The online magazine wrote that “RSI is at 37.22 which is skewed towards the oversold area, and Stoch RSI is indicating that the prices are oversold, and the trend may reverse soon.”

Despite the high volatility of the crypto market, there have been a lot of optimistic crypto predictions popping up in the crypto space these days.

Monero has also been trying really hard to recover from the bears’ pressure these days, and unlike other digital assets, the coin managed to maintain prices above $45.

Trade Monero without KYC verification

Not too long ago, it’s been reported that Poloniex took a different approach these days compared to the rest of the exchanges – they eliminated the KYC verification.

In a new blog post, Poloniex revealed that users could trade cryptos in the future without having to reveal their identity.

The exchange’s decision triggered an intense debate in the comments section.

Some people agreed with the move, but others said that this is a bad business move in the long term.

Poloniex announced: “Current unverified customers will be unfrozen and upgraded to Level 1 over the next few months. We are striving to provide the highest level of support and security possible for customers and appreciate your patience.”

Someone said: “This is a bad business decision. You’ll attract a lot of new traders in the short term, but in the long term, it will become a problem.”

Another follower posted this: “Who needs pesky anti-money-laundering measures? Not Poloniex. How many weeks until shut down by US gov’t?”

Monero has been gaining increased interest in 2019, and more crypto enthusiasts found that it’s a great investment option.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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