Monero Is Struggling Below $53 Following The Latest Upgrade
Monero seems to have started an uptrend following the latest upgrade that the protocol went through, but this doesn’t seem to have lasted for too long as the coin fell below the $53 support.
XMR in the crypto market
At the moment of writing this article, despite the fact that most digital assets are trading in the green, XMR is trading in the red and the coin is priced at $52.62.
Just a couple of days ago, CryptoNewsZ was optimistic and they were writing that “The SMA lines are moving with positive bias as the short-term SMA line is above the long-term SMA line. Bollinger bands are yet to give any volatility signal, while RSI also appears stable.”
The online publication also pointed out to the fact that Monero coin may see resistance levels at $54.79, $55.54, and $56.68 and support levels at $52.9, $51.76, and $51.01.
Monero’s price seems to ignore the recent successful hard fork
Monero’s developers confirmed the hard fork was a success, and it was implemented on block 1978433.
As you already know, the upgrade of the network took place on November 30.
Monero has successfully upgraded the network to RandomX.
It’s been also revealed that developers believe that this important step has the possibility to increase the level of decentralization of the Monero network as well as remove the FPGA and ASIC devices from the network.
You may be aware of the fact that hidden mining was one of Monero’s most known issues. The transition to RandomX is designed to improve this specific situation.
XMR fans were hoping to see the price go up following this latest update, but it seems that this failed to happen so far.
On the other hand, Monero had a successful 2019 and the coin saw increased interest from crypto enthusiasts who chose the coin as an option for investment due to heavy anonymity and privacy-oriented features.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
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.