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Monero Gains Traction Amid Increased Privacy Demands
The privacy coin, Monero (XMR), is seeing increased adoption and network updates that give it a boost. As surveillance increases and regulations become more and more restrictive, interest in using a private utility like Monero has grown. The new Rust-based Monero node, Cuprate, has upgraded syncing times so users can run full nodes easily and thus increase the security of the network.
Growing Use in E-Commerce
Monero's privacy is why it's widely used in e-commerce; more businesses now accept XMR for payments, such as a hotel in Georgia. Monero processes about 20,000 transactions daily. The updated Concise Linkable Spontaneous Anonymous Group (CLSAG) signatures replaced the older system and improved transaction efficiency and verification speed by saving blockchain space.
Enhancements in Transaction Security
CLSAG improves signature verification while reducing the size of typical transactions. There is no known security risk in CLSAG yet, and it has been updated to improve the security proofs. The Zano team is working on a variant called d/v-CLSAG that supports the different types of transactions while retaining the security guarantees of the original design.
XMRUSD pared some of its gains after forming a minor bottom $190.43. Any daily close above $250 confirms further bullishness. The pair holds well above the short-term (34 and 55 EMA) and long-term moving average. It hit a high of $239.62 at the time of writing and is currently trading around $223.99.
4. Support and Resistance Levels for XMRUSD
The bullish invalidation can happen if the pair closes below $140. On the lower side, the near-term support is $190. Any break below targets $140/134/$115 will signal a significant downtrend if it breaks $100. The immediate resistance stands at around $250. Any breach above confirms bullish continuation, with a jump to $300 being possible. A surge past $300 will take it to $342/400.
5. Investment Strategy for XMRUSD
It is good to buy on dips around $180 with a stop loss around $140 for target profits of 258/258/300.
