Monero (XMR) Is Trading Below $55 Following The Hard Fork

Monero kept making headlines lately due to the upgrade that the network went through.

You probably know by now that the hard fork has been successfully completed, and the move upgraded the network to RandomX.

This means that the Monero developers have replaced the CryptoNight algorithm, which was used since the Genesis block by Monero with RandomX.

Increasing decentralization of the network

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.

RandomX is supposed to lay the foundation for the permanent removal of ASIC miners from the XMR network.

On the other hand, some enthusiasts from the Monero community have been wondering whether this move has the potential of affecting the network’s security and this subject has been addressed in a previous article.

Monero in the crypto market

In a volatile crypto market with coins struggling to recover after the recent BTC falls, Monero seems to be the biggest single-digit gainer on the first Friday of December.

FXstreet notes that the coin has increased in value by 2%.

FireShot Capture 017 Monero XMR price charts market cap and other metrics CoinMarke  coinmarketcap.com  1024x568 - Monero (XMR) Is Trading Below $55 Following The Hard Fork

The online publication also wrote that “if the ongoing correction fails to rise above the triangle resistance, Monero bulls could be demoralized and even hibernate in order to find proper support from which they will launch another attack.”

The note that the RSI is closing in on the overbought and if this trend continues, XMR will probably be able to push the gains towards $60.

At the moment of writing this article, XMR is trading in the red and the privacy-oriented coin is priced at $54.16.

The online publication mentioned above concludes by saying that “The bulls must ensure that the support at $50 is defended at all costs,” and so far, this has been happening as you see from the current price of the coin.


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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