"Monero is the Sort of Coin Satoshi Visualized" - XMR +5%, Monero News, Price Analysis. Wednesday, August 29
Monero is the Sort of Coin Satoshi Visualized
Nakamoto Satoshi, the Bitcoin inventor would be impressed with the concept that Monero brought to the crypto space wherever he is. The reason is that it is the digital currency that comes close to the concept behind Bitcoin.
Satoshi wanted a world where financial transactions that would be anonymous and yet safe unlike what most of the pioneer coins such as Bitcoin, Ethereum and Litecoin have become. Coins that are at best pseudonymous mainly because developers want to comply with regulations of existing authorities contrary to the dream of Satoshi.
Banks and other financial institutions routinely share personal data with other banks, regulators and state authorities even without the consent of their customers. Satoshi wanted a platform in which valued can be transferred safely and securely but anonymously unlike what is mostly obtainable today.
Monero has been able to restore that confidentiality in coin usage as long as the user doesn’t link their identities to their public keys. This is the feature that makes Monero unique and which has made regulators in various countries skeptical about it believing that its untraceable transaction makes it a favorite among undesirable elements.
However, this privacy and security features of Monero make is outstanding among digital currencies. With the coin market in a bearish condition, some analysts are saying it could be the end of the road for the nascent industry. Although this is unlikely, if the bubble were to burst, Monero is among the few coins that will survive due to its strong leaning on privacy and security, features that many users desire, features that will always be in demand.
Monero Experiencing Trend Reversal As the Bears Weaken
Monero is ranging in the meantime in accordance to trend analysis from the stochastic oscillator. The indicators favored the bears but there has been the formation of a bullish railway track, an indication of trend reversal. There has been a short-term build up and the effect of the pressure is observed with the formation of bullish candles above the 10-day Exponential Moving Average with the emphasis on the current data showing that the bulls target $129 in the upper supply area of the range.
At 22 percent undefined in the oversold region, there is an indication that there would be a slight consolidation before we see a definite sustained movement in any direction with the uptrend likely to be favored in the long term.
Traders need a good ranging approach if good gains would be taken it at this point. $128 in the upper supply area is still tenable while we are looking at $120 in the lower demand area as untouchable.
Data from Binance shows that 35079.573 XMR exchanged hands in trade volume of $3,726,471 representing 0.26 percent of the overall trade.
At Bitfinex, the XMR/USD trade volume in the past 24 hours is $1,456,023 while the XMR/BTC trade volume is $1,244,831 representing 0.43 percent of trade volume on the exchange.
Although Monero represent a small fraction of trade volume on most exchanges, the future of the coin is bright owing to its uniqueness and the effort of the developers in adding more features such as Bulletproof to its protocol.
XMR/USD Price Chart, Wednesday August 29th:
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