Monero Is Down By 4.22% – Time To Buy XMR?
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- Haveno, a decentralised exchange based on Monero, seeks funding for Front-End Development
- Monero community proposes XMR as a payment option for Tesla
- Monero community seeks Fund to create Python Tools
The privacy-focused cryptocurrency, Monero (XMR), dipped 4.22% recently amid the downtrend in the broader crypto market. Could this spur investors to buy XMR and rise with the market?
On the Monero blockchain, transactions cannot be tracked or traced. Instead, Monero issues new currency and secures transactions via a proof-of-work consensus process. One of the project’s main goals is to achieve maximum decentralisation, which means that a user doesn’t have to trust anyone else on the network.
Haveno, a decentralised exchange based on Monero, seeks funding for Front-End Development
Haveno community decided to fork Bisq, a decentralised Bitcoin exchange network, and create their version based on Monero’s multi-signature. This will allow individuals to trade Monero for other cryptocurrencies or fiat currencies in a peer to peer format. The community decided upon this because of Bisq’s lack of Monero support and clumsy user experience.
The exchange’s principal purpose is to give consumers a pleasant experience by creating a simple platform for power users, especially for those who are not tech-savvy. They opted to do this by removing the platform’s legacy user interface (which is bulky, slow, and unfriendly) and replacing it with a specialised front-end independent from the rest of the programme. In addition, having two separate apps, one for the core and one for the GUI, allows for greater flexibility and better performance.
The funds required in XMR are about $154 . These funds will be utilised solely to fund Haveno’s front-end development.
Monero Community Proposes XMR as Payment Option for Tesla
The Monero community has proposed adding XMR as a payment option on the Tesla website. They claimed that XMR might be a suitable payment option shortly after Elon Musk’s Tesla Motors indicated that they might start taking Bitcoin (BTC) payments for electric cars.
The community has raised 890 XMR ($155,000) to introduce Monero as a payment option for a new Tesla alongside Bitcoin after releasing a CCS proposal.
According to the community, Tesla enthusiasts might profit from the XMR payment option due to its unique privacy advantages over public and traceable blockchains like Bitcoin (BTC) or Ether (ETH). In addition, according to the community, some Tesla owners would be fine with making their expensive vehicle ownership more private.
Monero community seeks Fund to create Python Tools
The project is primarily focused on developing the necessities of Python tools to demonstrate the occurrence or non-occurrence of money leakage (inflation). As a result, the community is encouraged to use the tools offered and tender improved suggestions on how to best resolve the issue.
This project also conveys the impression that Monero is just as safe as Bitcoin, if not safer (cryptographically speaking). Therefore, some educational material is supplied for the layperson and anyone interested in learning more about the code. However, different levels of explanation may be required to persuade someone about something. This project aims to address this problem.
Furthermore, it aims to increase transparency and reduce user and investor anxiety. With an emphasis on the issue of inflation, the study gives more transparency and education on how the blockchain works. Therefore, users will feel more secure if they utilise and buy XMR.
Monero’s Technical Analysis
At press time, Monero is trading at $222.8. In the last 24 hours, it has dipped by 4.22%. The asset is 57.44% below the all time high of $517.62 and has seen an increase of 3.73% in the last 7 days.
The technical indicators of Monero show a bullish value. The crypto asset is trading towards the 50% Fibonacci retracement threshold of $220.5, which means XMR will likely see resistance above that level. However, a broader market bull run could see it rise and break above.
The digital asset’s Relative Strength Index (RSI) stands at 70.11. This shows that XMR is in the overbought zone. As a result, it’s expected that the market will see a price correction in the near future.
Furthermore, Monero’s asset is trading above the indicator price, with a 50-hour Simple Moving Average (SMA) value of $221.2. This shows that the asset is bullish.
The Moving average convergence and divergence (MACD) indicator show a buy XMR signal.
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