- Candlestick model signals the downtrend reversal.
- Cryptography experts ask Monero community for XMR donations.
Monero (XMR) is changing hands at $109.52, off early Tuesday’s low reached $103.33. The 9th largest coin by market cap has lost 7.6% since this time yesterday and nearly 13% in seven days time. Monero’s market value is registered at $1.8B with daily trading volumes $39M.
On the daily , XMR/USD is supported by DMA50 currently at $106.20, while the upside is capped by DMA100 at $118.07. “Hammer” that appeared on the daily chart on September 12 suggests that the recovery may be extended, while the next strong bullish candle confirms the signal of the candlestick model. If the price takes the above-said DMA100 and $120.00, the recent recovery high at $141.92 will come into focus.
On the downside, a sustainable movement below $106.00 will trigger more sell-off towards psychological $100 and $99, created by the upside trendline.
Cryptography experts will do research in exchange for Monero coins.
Meanwhile, cryptography experts are running a crowdfunding campaign to finance Monero development. As the platform is truly decentralized and has no central body over it, the Research Lab has to submit funding requests to the community.
Academics Brandon Gooddall and Dr. Sarang Noether are asking the community to donate their coins to let them explore the potential and use-cases of Monero multi-sig wallets. Both want the equivalent of $9,000 at the exchange rate considerably lower than the current market rate.
Monero founder and lead developer Riccardo Spagni, also known as ‘fluffypony,’ supports the efforts of the researchers.
“The Monero Research Lab has been primarily responsible for major innovations in Monero, such as RingCT, so I’d definitely attest to that,” he wrote.
XMR/USD, the daily chart chart
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Whales, sleep wallets and headlines to shake off weak hands
- BTC/USD continues within its comfortable range, isolated from market noise.
- ETH/BTC relaxes after a few positive days while retaining upside potential.
- XRP/USD barely suffers falls and presents its candidacy to lead the next movement.
It dawns in Europe with red as the dominant color on the Crypto board.
Today’s excuse is the activity detected in a sleeping wallet that was activated in August and that, with an estimated value of $850 Million, would be making transfers to Binance and other exchanges of more than $100 million. If this is the reason for the decline, the day that the whales, the great ones, release what they carry, this market is going to fall in one go. Let’s hope none of them need cash.
As we discussed in yesterday’s technical analysis, an expected day of falls do not change anything more than the mood of traders. It is possible that doubts have appeared in many minds and triggered impulsive operations. That’s what it’s all about. The market, all the markets, where masses with different thoughts converge, generate this kind of doubting movements that serve to clear the board of doubting hands.
If no trader had doubts and ended up reacting to them, the market would only react at key levels, sleeping the rest of the time. But that is not the case. The average trader is greatly influenced by intermediate movements and makes decisions without any technical basis that prevent him or her from executing a statistically correct trading plan. The professional trader knows how to profit from it and plays against it.
The technical highlights of the day are given in the ETH/BTC. On Sunday, the pair reached the bearish trend line that has governed the movement since July 17. And it turned down yesterday opening a possible continuation of the Ethereum’s depreciation against Bitcoin.
The monthly chart remains strongly bearish for the Ether. On the daily chart, the momentum is bullish, with a technical target at the price level of 0.045 ETH/BTC. It is now at the 0.031 level, so the Ether’s appreciation potential against Bitcoin is around 40%.
The BTC/USD is currently trading at the $6,266 price level after leaving yesterday’s low of just $6,206 in price congestion support.
Above the current price, the first resistance is at the price level of $6.438 (EMA50). The next resistance level is at the top of the range at $6,567. Overcoming this resistance would give a strong bullish signal, which would be confirmed if a third resistance level of $6.602(SMA100) and $6.627 (SMA200) were breached.
Below the current price, the first support at the $6,206 price level (yesterday’s low and price congestion support). If this level is forcefully lost, we will note a change to the scenario to one of bearish continuity. The alarm level is $6,114 (month lows) and the confirmation level is $5,890 (August lows).
The MACD at 240-Min continues to be cut down into negative territory. The pattern of perforations of the line of 0 in the MACD in the Crypto market begins to be recurrent. The pattern is open but with a statistical advantage for the side of the bulls.
The DMI at 240-Min shows the bears in advantage but it is losing strength. On the other hand, the bulls slightly increase their activity but not significantly. The distance between the D- and the ADX line gives room for the continuity of a bearish environment.
The ETH/USD is currently trading at the $200 price level after leaving the recent low of $192.
Above the current price, the first resistance is at $210 (EMA50) which if exceeded would leave the recent range at a maximum of $210 (congestion resistance and SMA100) as the next target. In case the ETH/USD manages to overcome this second resistance, there is clean space up to $255, where the SMA200 awaits.
Below the current price, the first support for ETH/USD is at $194.6 (price congestion support). If this price level is lost, the next key level is at $166 (annual lows) and as the third support level at $156 (price congestion support) and a key level for a change of the scenario to a bearish continuity one.
The MACD at 240-Min continues to be cut down and below the signal line at level 0. The drawing is somewhat more aggressive than in the case of the BTC/USD and the probabilities of new rises increase.
The DMI at 240-Min also shows the bears in control, but very close to the ADX line, so a low cut is very possible and would indicate a downward decrease. The bears react slightly but don’t seem to be in a hurry to take control again.
The XRP/USD is currently trading at the $0.272 price level after leaving recent highs marginally above $0.28. Ripple is holding up very well on this downtrend and maintains a fairly positive technical side. An inverted, somewhat deformed S-H-S appears to be forming.
Above the current price, the first resistance is at the price level of $0.278 (EMA50). The next resistance level at $0.29 (EMA200). Above this price, resistance is at $0.296 (price congestion resistance). The SMA100 moves above the SMA200. It also passes in the BTC/USD but only just.
Below the current price, the first support is at the $0.27 price level (price congestion support). Second support at $0.257 (price congestion support). The key support level is at $0.25 (relative minimum).
The MACD 240-Min is slightly crossed downwards with little inclination. It moves above the 0 line. The outlook is much more positive than Bitcoin or Ethereum.
The DMI at 240-Min shows the bears in control, although decreasing their strength progressively. Of course, the bulls recover and are about to surpass the ADX, which would give a signal of the end of the price weakness. The ADX remains below 20 and therefore does not give any category of the trend to the bearish movement.
Stellar Startup Merges with Chain, to Reborn as Interstellar
San Francisco-based distributed ledger technology company Chain has been acquired by Lightyear, an entity powered by the Stellar network in an undisclosed agreement.
Announced last week, Lightyear will be re-named to Interstellar concurrent with the merger, a company release states. Chain, that builds enterprise-grade blockchain products backed by financial giants Visa, Nasdaq, and Citigroup, will offer its cloud product, Sequence, to Interstellar’s portfolio, allowing organizations to track assets while moving between private ledgers and the Stellar network, it added.
Jed McCaleb, co-founded of the Stellar Development Foundation and Lightyear, will be CTO of Interstellar. According to him, the merger will “help organizations build on Stellar.” He further said:
“Chain’s team has led the market for enterprise adoption of blockchain technology, which is a critical component of building a future where money and digital assets move over open protocols.”
At present, Stellar (XLM) ranks as the world’s sixth-largest cryptocurrency with a market cap of $3.6 billion. With the acquisition, Interstellar will receive Chain’s enterprise products and customer base, enabling organizations to issue, exchange, and manage assets on a public network.
Chain had previously raised more than $43 million from a variety of financial institutions including Capital One, Citigroup, as well as tech-focused funds such as Khosla Ventures, Blockchain Capital, and Pantera Capital.
Interstellar will ease enterprises to create financial services and products with the help of the Stellar open network. Chain’s CEO Adam Ludwin will serve as the CEO of new Interstellar. He stated,
“Chain has worked from inside the enterprise while Stellar has focused on the network between organizations. As a single team we will have a complete view and set of capabilities to make value-over-IP a reality.”
With the launch, Interstellar will have its headquarters in San Francisco, with office operations from New York City and Singapore. Initially, the startup aims to employ 60 employees, the report concluded.
John Mcafee: Decentralized Exchanges Will Trigger ‘Largest Economic Boom in History’
John Mcafee: Decentralized Exchanges Will Trigger ‘Largest Economic Boom in History’
John McAfee, developer of the first contemporary antivirus software, is a cryptocurrency advocate. McAfee predicts that centralized exchanges will cease to exist within five years, giving way to trustless decentralized exchanges. Such a development will precipitate “the largest economic boom in human history.”
McAfee: Centralized Exchanges Will Disappear in Five Years
Crytpo-centralized exchanges are similar to stock market exchanges such as Nasdaq, CBOE, and NYSE. These exchanges depend on a trusted entity or middleman who controls the flow of the assets being traded. For this service, the middleman demands a fee. For many, this construct is anathema to the philosophy behind Bitcoin (BTC) and other cryptocurrencies.
On the other hand, decentralized exchanges, or DEXs, are trustless. They are independent of a middleman. Therefore, they are more pertinent to Bitcoin’s essence.
Decentralized exchanges, when fully functional, will mark the end of any potential control by governments and will be the beginning of the largest economic boom in human history.https://t.co/GwqQAABLSU
In an interview with BoxMining, McAfee forecast that the most centralized exchanges are corrupt and they are bound to disappear within five years.
Then DEXs involving millions of wallets residing in smartphones and other devices, distributed around the world, will bring an end to “the war governments.”
Thus, regardless of the power a government has, it will not be able to shut down the crypto market. McAfee explains,
“Because I do not care how much power you have as a government, how many police, how many soldiers, whatever. If the exchange is distributed across 20 million wallets on smartphones and laptops and pads, then what do you do? It is impossible. You would have to shut down all twenty million of them scattered around the world.”
McAfee: We Have to Fight Regulation
During the interview, McAfee also explained why regulations are useless, asserting that crypto technology is helping to create a permissionless society.
McAfee believes that centralized exchanges are corrupt. Customers are not aware of which country they are operating from, nor who owns the exchange. Still, “they process hundreds of millions of our dollars every day.” McAfee adds, “So of course, they become corrupt.”
Therefore, regulations and all the police in the world are useless to protect us since we do not know where the centralized exchanges are. Instead, McAfee says, what does help us are the truth, the blockchain, and our self-interest. He underlines, “The blockchain is an absolute record of truth.”
Before the advent of the blockchain, we never had the truth before, according to McAfee,
“The blockchain is the first technology that says I am the arbiter of truth. CNN tells their truth, Fox News tells theirs, Russia tells theirs. China tells theirs, America tells theirs. The man on the street tells something else. We don’t know. Now we do.” And, Mcafee concludes, “Please understand that truth and regulation cannot coexist.”