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Monero (XMR) Climbs Over 7% Before Weekend Hard Fork

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Monero (XMR) Climbs Over 7% Before Weekend Hard Fork

Monero (XMR) price has surged by as much as 7% in a matter of 24 hours before network upgrade or hard fork on August 13.

  • XMR climbs by over 7% overnight before the weekend hard fork.
  • Binance recently announced support for Monero’s hard fork or network upgrade.
  • Crypto targets $200; then $217 next.

 Historically, upgrades have always triggered a boost in XMR price.

The altcoin is seen to have soared by 65% since midway of June which signals a robust price movement. With consistent and continuous recovery of the crypto market, XMR price might even shoot above $200.

According to CoinMarketCap, XMR has soared by 1.28% or trading at $167.70 as of this writing.

The Monero Hard Fork

With this upgrade rescheduled a lot of times, everyone is excited that it’s finally here. Monero is set to perform a hard fork to boost network performance, speed, wallet syncing capability, privacy, security, and decrease volatility in prices.

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Monero announced in a tweet that the network upgrade via a hard fork will transpire at block 2,688,888 on August 13. More so, the privacy protocol has also officially rolled out Ledger Monero App v1.8.0 as well as the CLI & GUI v0.18.1.0 “Fluorine Fermi.”

It is highly important for exchanges, merchants, services, and users to run the v0.18 prior to the launch of the network upgrade and also to ensure uninterrupted use of XMR blockchain.

The ring size of the crypto has also enlarged from 11 to 16 which aim to boost the privacy of transactions done on its blockchain. Additionally, Bulletproofs+ also aims to decrease transaction sizes and boost and speed up verifications by up to 7%.  More so, vital security patches and multi-signature fixes will be integrated as well.

The view tags also aims to boost wallet synch speed by as much as 40% and the changes in fees will also greatly reduce volatility plus enhance security which is very crucial to a blockchain.

Binance Supports Hard Fork

Binance, one of the most popular and giant crypto exchanges have also announced their strong support for the hard fork.  In lieu with this, Binance is set to put to hold any transactions on the network such as XMR withdrawals and deposits on August 13 at 14:00 UTC.

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Notably, Binance also assured XMR HODlers and trades that that the digital assets are heavily secured and transactions will resume following completion of the hard fork upgrade.

The recent delays in the launch of the hard fork have worried many investors. Regardless, it has been worth the wait as the price may shoot over $200, with the next target resistance spotted at $217.

Overall, XMR shows a strong bullish trend and is set to go green all the way during and after the hard fork upgrade.

Crypto total market cap at $1.15 trillion on the daily chart | Source: TradingView.com    Featured image from Phemex, Chart from TradingView.com
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Bitcoin

Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD Analysis October 5, 2022

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Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD Analysis October 5, 2022

Tony Spilotro

I’m Tony Spilotro. Behind the pseudonym, I’m a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck – literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn’t yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can’t yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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Bitcoin

TA: Bitcoin Price Reclaims $20K, Why This Could Be The Start of Larger Rally

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TA: Bitcoin Price Reclaims $20K, Why This Could Be The Start of Larger Rally

Bitcoin price gained pace for a move above $20,000 against the US Dollar. BTC is showing positive signs and might rise further above $20,500.

  • Bitcoin started a steady increase above the $19,200 and $19,500 resistance levels.
  • The price is trading above $20,000 and the 100 hourly simple moving average.
  • There is a connecting bullish trend line forming with support near $20,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is gaining pace and might rally further above the $20,500 level.

Bitcoin Price Gains Pace

Bitcoin price formed a base above the $19,000 level and started a steady increase. BTC was able to clear the $19,500 and $19,650 resistance levels.

The bulls were able to pump the price above the $20,000 resistance zone. The price traded as high as $20,475 and the price is now correcting gains. It is trading above $20,000 and the 100 hourly simple moving average. Bitcoin is now slowly moving lower below $20,400.

It is trading well above the 23.6% Fib retracement level of the upward move from the $18,937 swing low to $20,475 high. There is also a connecting bullish trend line forming with support near $20,000 on the hourly chart of the BTC/USD pair.

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Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $20,450 level. The next major resistance sits near the $20,500 zone. A clear move above the $20,500 resistance might start another increase. In the stated case, the price could even surpass the $21,200 resistance zone. The next major resistance is near the $22,500 zone.

Dips Limited in BTC?

If bitcoin fails to rise above the $20,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,100 zone.

The next major support is near the $20,000 zone and the trend line. A downside break below the trend line might send the price towards $19,700. It is near the 50% Fib retracement level of the upward move from the $18,937 swing low to $20,475 high. The main support is near $19,500, below which the price might drop to $19,200.

Technical indicators:

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Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $20,100, followed by $20,000.

Major Resistance Levels – $20,500, $21,200 and $22,500.

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Bitcoin

Bitcoin Bounce Coincides With Possible Macro Reversal | BTCUSD Analysis October 4, 2022

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Bitcoin Bounce Coincides With Possible Macro Reversal | BTCUSD Analysis October 4, 2022

Tony Spilotro

I’m Tony Spilotro. Behind the pseudonym, I’m a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck – literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn’t yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can’t yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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