Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

FxWirePro: Speculations on Monero’s hard fork, XMR/USD rallies halt on hampered bullish momentum

Monero underwent a hard fork on 9th March 2019, which has been the major driving force for the dip in the hash rate that tumbled over 80% (refer 3rd chart). The event reportedly achieved for the fungibility, privacy, and decentralization.

As a result of this recent fundamental development, the underlying price of XMRUSD has spiked over 14.4% (refer above technical price chart). 

Technically, the minor trend has formed ascending channel, whereas back-to-back occurrences of hanging man & shooting stars hamper previous bullish momentum (refer daily chart). While bullish engulfing pattern at $52.43 levels, takes-off rallies above 7-EMAs, buying momentum for the interim uptrend, lagging indicators yet to confirm.

These bullish price actions are majorly owing to the news of hard fork from the beginning of March 2019, that has actually been the major driving force for dip in the hash rate that tumbled over 80% and eliminates ASIC miners from the network. This latest development in Monero’s prevailing combating against ASICs is a precautionary measure for apprehensions arising out of heavy reliance on centralization of mining hash power. 

However, Monero pioneered its anti-ASIC hard fork to counter ASIC machines like the Antminer X3 during April 2018. Subsequently, the Core Team put forward some real concerns precisely over government manipulation or imposed regulation of the network and has consequently committed further to increasing ASIC resistance, building its strategy on making scheduled hard forks to prohibit ASICs from engaging with the network.

Whatever be the matter, the considerable dip in hash rate has caused the XMR vigorous rallies and makes the most profitable coins to mine. 

On the contrary, there have been arguments that the demand/supply equation has already priced in the hash rate which is equalizing. Thus, the crypto-avenues actually didn’t rally due to the hard fork, now the sluggish response in price is evidence for that. Whether or not, the recent hard fork event caused the underlying price movements, we could foresee bearish pressures in the short-run and awaiting for the better clarity for the bullish prospects in the long-run on technical grounds.

Currency Strength Index: FxWirePro's hourly BTC is flashing at -14 (mildly bearish), hourly USD spot index is inching towards -57 levels (bearish), while articulating at 06:51 GMT. 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

April 19 12:30 UTC Released

USHouse Starts MM: Change

Actual

-0.3 %

Forecast

Previous

-8.7 %

April 19 12:30 UTC Released

USHousing Starts Number MM

Actual

1.139 Mln

Forecast

1.23 Mln

Previous

1.162 Mln

January 31 00:00 UTC 642148642148m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 642148642148m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 653968653968m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 642148642148m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 653968653968m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 642148642148m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 642148642148m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 642148642148m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.