- Monero (XMR) surges 25.3%
- RandomX under audit
In Monero, decentralization is essential. As a result, the upcoming enhancements to the mining algorithm by RandomX are a step in the right direction. Ultimately, the hash rate will rise as more public miners return. As a result, miner participation will strengthen the network, creating trust and potentially causing XMR to soar in response.
Monero Price Analysis
Basics
Given the threat of application-specific integrated circuits (ASICs) on the network, Monero developers don't buy this lie. Monero's founders have repeatedly expressed their aversion to ASICs, and they're living up to their words.
To put this into perspective, Monero is firmly built around adhering to the ground rules, which means it adheres to the blockchain principles that govern other liquidity coins such as Bitcoin and Ethereum.
As a precursor to decentralization, ASIC miners, primarily manufactured by Bitmain, are turbocharged to maximize hashing power, so they frequently crash and their use promotes an unfair mining environment, which creates instability and prevents interested and honest GPU miners from participating.
So they've been applauded for cutting off ASIC miners, but it was a tough choice to make as the upgrade caused the hash rate to plummet – from around 1,000 MH/s to less than 300 MH/s, leaving the network vulnerable.
Either way, this was done for the betterment of the Monero community, which has been a well-funded privacy-focused coin thus far. Plans for a new mining algorithm are currently underway, with RandomX expected to be enabled in July 2019, depending on the satisfaction of the code auditors.
Candle stand arrangement
At the time of writing, XMR is one of the best performing coins. It has surged 25.3% and is now more valuable than Dash. Notably, there is less than $400 million left to resell TRX as buyers look to make it into the top 10.
Behind this recovery are favorable fundamentals and supporting candlestick alignments. Additionally, note that the fundamental momentum is strong as the bullish candlesticks are lined up along the upper Bollinger Bands.
From the chart, we can see that XMR is trading within a bullish breakout pattern. On the back of high trading volume, it easily broke above $75 and the psychological $100 level, with buyers firmly in control. Given this, every dip represents a new buying opportunity.
That means, traders can buy a retracement with the first target at $150, which is another resistance level at the previous support. If the buyers slow down, expected support would be at $100 or the May 2019 high.
Technical Indicators
As momentum picks up, trading volume should increase, meaning that participation levels confirming buyers should exceed the current average of 14,000 and surpass the 32,000 seen on June 22nd over the next few days.
chart Provided by Trading View. Image courtesy of Shutterstock
