Monero is now trading for roughly $271 and has a market capitalization of more than $5 billion.Monero’s coming hard fork will be the fifteenth software version (v15), improving the network’s anonymity and overall speed.The XMR may float higher to $300 if buyers maintain prices above spot rates.Since the beginning of the week, Monero price prediction remains bullish as XMR/USD currency has been flashing green.
The XMR token has taken some more bids in the last 24 hours.
Monero (XMR), the leading privacy coin, has risen 3.63 percent in the last 24 hours.Moreover, it has soared 22.8 percent in the last week after developers announced on GitHub that a hard fork would occur on July 16.
At the moment, Monero is now trading for roughly $271 and has a market capitalization of more than $5 billion.Monero is leading the charge, especially when compared to Bitcoin (BTC), which is up about 7.7% over the same period, and Ethereum (ETH), which is up about 17.3%.
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Major Developments in Monero Underpin in Demand Monero has several significant developments, most recently announcing a network update on July 16.
While preserving the proof of work consensus protocol, the hard fork intends to improve the network’s security.Moreover, it’s improving privacy, performance, and overall resilience.With this, the XMR is gaining upward momentum, and it’s trading at 272.63 and consolidating in the range between 270 and 289.
It is worth mentioning that the method and utility of privacy coins vary.But in general, they use cryptographic techniques to mask identifying information such as addresses and transaction amounts.
For example, both Zcash and Monero employ a mechanism known as zero-knowledge proofs.It allows users to conduct transactions without disclosing any information about the transactions other than the fact that they are legal.While Monero permits only private transactions, Zcash allows public transactions.
Monero Approaching 15th Software Version (V15) Monero’s coming hard fork will be the fifteenth software version (v15), improving the network’s anonymity and overall speed.
The ring size of Monero will be increased from 11 to 16 as part of one of the significant upgrades.”Ring size” is a Monero feature that combines the digital signature of the person “signing” the transaction with the digital signatures of 11 other non-signers to create a unique new signature that can authorize the transaction, protecting the user’s privacy.Monero also announced that its multisig system had been fixed.Thus, Monero’s recent price movement could be linked to an upcoming network update.As previously said, they are substantial and will give users fascinating new features.
Material Indicators (MI) data shows that retail investors increased their buying pressure in April.Investors with ask orders of more than $10,000 have been selling into the rally simultaneously.XMR could see a short-term decline unless larger investor classes step in.
However, excitement for the hard fork isn’t the only element driving the price of XMR right now.
The upbeat mood in the entire crypto market was seen as another key reason behind the XMR coin rally.It should be noted that bitcoin’s price remained well above the $41,500 resistance level.BTC gained traction and broke through the $42,000 resistance level.It even surpassed $42,500 and the hourly simple moving average of 100.In the meantime, the broad-based US dollar weakness also positively impacted the XMR/USD coin.
Monero Price Prediction – EMA Support Uptrend Monero Price Prediction: Can XMR/USDT GO After $300? Overall, based on the candlestick arrangement in the daily chart, Monero buyers have the upper hand.Even though the uptrend’s momentum appears to be slowing, sellers’ inability to completely unwind the gains of April 18 and break below $230 indicates strength.As a result, traders looking for entry points may find them on dips above $230, with an immediate target of $300.
Risk-averse buyers can take a different approach and wait for a clear break above $270 before trading with the main trend.
If sellers continue to press lower, losses below the April 18 lows and, more importantly, the middle BB may result in a bear breakout, potentially driving XMR to $185.
Monero Price Prediction – What Can We Expect from XMR? Monero is holding up well to the upside, finding support just above the middle BB.Based on the daily chart formation, XMR may float higher to $300 if buyers maintain prices above spot rates.
Key Support Level: $270 Key Resistance Level $300 Good luck!.