Category: Monero

Top 3 Coins to Watch Today: XMR, ZIL, IOTX – August 25 Trading Analysis

Post author By Malik Junaid
Post date August 25, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Monero (XMR)

Monero XMR allows transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography. The team behind Monero says privacy and security are its biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users, irrespective of how technologically competent they are.

XMR Price Analysis

At the time of writing, XMR is ranked the 28^th cryptocurrency globally and the current price is US$151.23. Let’s take a look at the chart below for price analysis:

Source: TradingView

XMR is rallying to fill in pockets of inefficient trading left during its June decline. The closest resistance is at $172.80. This area of inefficient trading on the weekly and daily charts is near the 61.8% retracement of June’s move. It rejected the price on August 7, but the price is rechallenging it.

If it breaks, the next pocket of inefficient trading from $179.60 to $183.10 may be the following target. This zone is also near the high of inefficient trading on the weekly and the 78.6% retracement of June’s move.

In the longer term, bulls could be targeting bears’ stops above the significant weekly swing high near $206.50. This zone also shows inefficient trading on the monthly chart. If this resistance breaks, the next bullish target may be another area of inefficient trading on the weekly chart from $232.50 to $227.80.

The closest support could be near the current price, from $160.40 to $150.03. This area is at the end of July’s accumulation high. If this level breaks, a drop under the August monthly open may find more buyers near $142.30. This area shows accumulation, would run bulls’ stops under recent swing lows, and fill in a tiny pocket of inefficient trading. It also has confluence with the high of previous inefficient trading on the weekly chart.

A steeper drop may reach inefficient trading on the weekly chart, from $134.70 to $125.80. This zone is also near the bottom of previous inefficient trading from June and lines up with old swing lows from Q1 2022.

2. Zilliqa (ZIL)

Zilliqa ZIL is a public, permissionless blockchain designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralised applications, and it also allows for staking and yield farming. The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.

ZIL Price Analysis

At the time of writing, ZIL is ranked the 77^th cryptocurrency globally and the current price is US$0.03883. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZIL‘s 85% drop found a low near $0.03168 before closing over a weekly high around $0.04382. This daily close over the high could signal a shift in market structure that may reach probable resistance near $0.04732.

A sustained bullish move could target the swing high at $0.05620. If this stop run occurs, a run beyond the high into probable resistance near $0.06184 and $0.06745 is possible.

Bulls could buy a retracement to possible support near $0.03528, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.03126.

However, relatively equal lows near $0.02914 and $0.02854 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows may find support between $0.02715 and $0.02569.

3. IoTeX (IOTX)

IoTeX IOTX has built a decentralised platform with the aim of empowering the open economics for machines – an open ecosystem where people and machines can interact with guaranteed trust, free will, and under properly designed economic incentives. IoTeX is the decentralised backbone for machine economics, which serves machines ranging from smart home devices to autonomous vehicles.

IOTX Price Analysis

At the time of writing, IOTX is ranked the 108^th cryptocurrency globally and the current price is US$0.03144. Let’s take a look at the chart below for price analysis:

Source: TradingView

By late Q2, IOTX had retraced 80% from its November high as it created relatively equal lows near $0.02506. Just above these lows, the price is testing possible support near $0.03145. This level saw accumulation in early August and could support at least a short move upward.

If this level instead breaks and the price drops, bears could be aiming for an inefficiently traded area between $0.02915 and $0.02827. This area is under multiple relatively equal lows that have been in place since late Q3 2021, providing an appealing target for bears.

However, a move into probable resistance near $0.03825 could occur first, even if the price later breaks down. This level is a range high for a significant amount of trading during Q1 2022.

If this resistance breaks, the price could reach the next probable resistance near $0.04516, where it consolidated before mid-Q2’s breakdown.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Crypto News Ethereum Market Analysis Monero Trading

Top 3 Coins to Watch Today: ETH, XMR, WMT – August 9 Trading Analysis

Post author By Malik Junaid
Post date August 9, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ethereum (ETH)

Ethereum ETH is a decentralised open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralised smart contracts. Ethereum’s own purported goal is to become a global platform for decentralised applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime and fraud.

ETH Price Analysis

At the time of writing, ETH is ranked the 2^nd cryptocurrency globally and the current price is US$1,775.14. Let’s take a look at the chart below for price analysis:

Source: TradingView

ETH is retracing its April to June decline. So far, it’s retraced approximately 25% of the drop in anticipation of September’s Merge.

A broad area of inefficient trading on the monthly chart, from $1,972.58 to $2,709.26, is likely to provide resistance. The upper half of this zone, beginning near $2,145.29, may provide stronger resistance. Here, inefficient trading on the weekly chart, old swing lows and the 50% retracement of H2 2022’s drop converge.

Closer to the current price, $1,784.79 to $1,859.84 may provide the next speedbump for bulls. This level is near the low of previous inefficient trading on the weekly chart in March 2021. It’s also just above more recent inefficient trading on the weekly and a recent daily swing high.

A pocket of inefficient trading on the daily chart, from $1,685.26 to $1,662.79, may provide the closest support. Here, the 9 EMA and the midpoint of late July and early August’s bearish move converge. If the price continues to rally, the level may move higher midweek.

If this possible support fails, the next support might be near the 40 EMA, from $1,570.48 to $1,493.11. Old swing lows, previous inefficient trading on the weekly chart, and inefficient trading on the daily chart add confluence to this level.

A steeper drop may be aiming for stops under the daily swing low near $1,356.17. From $1,336.07 to $1,197.79, bulls may find support inside accumulation preceding inefficient trading on the weekly chart.

If the price drops below this level, it may be aiming for stops under June’s low. If so, bears may be targeting an area from $881.56 to $758.74. This zone marks the low end of inefficient trading on the monthly and weekly charts.

2. Monero (XMR)

XMR Price Analysis

At the time of writing, XMR is ranked the 29^th cryptocurrency globally and the current price is US$166.39. Let’s take a look at the chart below for price analysis:

Source: TradingView

XMR is rallying to fill in pockets of inefficient trading left during its June decline. The closest resistance is at $167.80. This area of inefficient trading on the weekly and daily charts is near the 61.8% retracement of June’s move. It rejected the price on August 7, but the price is rechallenging it.

If it breaks, the next pocket of inefficient trading from $178.60 to $182.10 may be the next target. This zone is also near the high of inefficient trading on the weekly and the 78.6% retracement of June’s move.

In the longer term, bulls could be targeting bears’ stops above the significant weekly swing high near $204.50. This zone also shows inefficient trading on the monthly chart. If this resistance breaks, the next bullish target may be another area of inefficient trading on the weekly chart from $233.50 to $229.80.

The closest support could be near the current price, from $166.40 to $162.03. This area is at the end of July’s accumulation high.

If this level breaks, a drop under the August monthly open may find more buyers near $152.30. This area shows accumulation, would run bulls’ stops under recent swing lows, and fill in a tiny pocket of inefficient trading. It also has confluence with the high of previous inefficient trading on the weekly chart.

A steeper drop may reach inefficient trading on the weekly chart, from $135.70 to $133.80. This zone is also near the bottom of previous inefficient trading from June and lines up with old swing lows from Q1 2022.

3. World Mobile Token (WMT)

The World Mobile Token WMT is a digital token issued with the purpose of allowing participants to provide a service on the network and be rewarded accordingly for it. The primary role of WMT is to incentivise token holders who want to support the operation of the network by way of delegating their WMT stake to a node operator (stakers), as well as node operators who operate their own node. WMT is the utility token at the heart of World Mobile Chain, a solution developed in partnership between Input Output Global and World Mobile to democratise access to digital, financial and social services in Africa, the first of its kind to go the extra mile and connect the unconnected.

WMT Price Analysis

At the time of writing, WMT is ranked the 385^th cryptocurrency globally and the current price is US$0.2242. Let’s take a look at the chart below for price analysis:

Source: TradingView

WMT has been consolidating since its 81% drop from March until mid-May. Currently, it is challenging resistance near a zone of inefficient trading on the daily chart from $0.2448 to $0.2389. This zone is near the July monthly open.

The price may be reaching for swing highs near $0.2724. Above these highs, several pockets of inefficient trading on the daily chart could continue drawing the price upward between roughly $0.2724 and $0.3186. Bulls may remain cautious about entering longer trades until they reclaim the high of this zone.

On a reclaim of this zone, bulls may aim for the swing high near $0.3548. This level, up to $0.3956, shows inefficient trading on the monthly and weekly charts that the price may want to fill.

The 9, 18 and 40 EMAs converge near $0.2238. This area may also show inefficient trading on the daily chart after Monday’s close and could provide the closest support for a rally.

Slightly lower, an area from $0.2106 to $0.2060 may also provide support. It’s near the current swing’s initial accumulation on the daily chart and the high of accumulation on the weekly chart.

If this level breaks, it could signal a more significant drop. No historical price action exists under July 13’s low, which may be the first target. Beyond this low, recent price swings’ 50% extensions align near $0.1250 and may provide the next downside targets.

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Crypto News Ethereum Filecoin Market Analysis Monero Trading

Top 3 Coins to Watch Today: ETH, FIL, XMR – June 7 Trading Analysis

Post author By Malik Junaid
Post date June 7, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ethereum (ETH)

ETH Price Analysis

At the time of writing, ETH is ranked the 2^nd cryptocurrency globally and the current price is US$1,858. Let’s take a look at the chart below for price analysis:

Source: TradingView

ETH has dropped 53% from its April highs and is now consolidating above many swing lows formed in summer 2021, near $1,700.

An inefficiently traded area could provide the closest near-term resistance. This area is between $1,852 and $1,924.

If the price stays nearby, it’s more likely to serve resistance. This zone is near the June monthly open, contains the 18 EMA, and is above the 9 EMA.

A break through this level may target bears’ stops above the series of swing highs up to $2,164. The weekly chart shows inefficient trading in this area. It overlaps with swing lows from January and February 2022 and is near the 40 EMA.

If the price does rally this high, it could signal the start of a more significant bullish shift. This rally could reach as high as $2,458. March’s lows and inefficient trading on the weekly chart align with this level, yet the price has not indicated that it will go this high.

Many swing lows near $1,700 provide a tempting target for bears. Bulls will likely wait for a stop run below these lows before considering an entry. Inefficient trading on the daily chart from $1,687 to $1,616 could mark the sweep’s bottom.

Bulls should be cautious. A liquidation cascade and the current bearish conditions could cause a more significant drop.

If bears do overpower bulls, the next higher-timeframe support might be near $1,292. This area shows inefficient trading on the weekly chart. It also overlaps with 2017’s cycle high and would sweep most bulls’ stops.

2. Filecoin (FIL)

Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.

FIL Price Analysis

At the time of writing, FIL is ranked the 40^th cryptocurrency globally and the current price is US$7.49. Let’s take a look at the chart below for price analysis:

Source: TradingView

FIL has dropped 77% from its April highs. It’s now 97% down from its March 2021 all-time high.

The price is currently in a small consolidation range. This range’s lower lows suggest bearishness.

A rally near $8.36 could set the stage for another move lower. This level would provide a run on bears’ stops above the last daily swing high and is above the June monthly open.

A break through this level could reach between $9.47 and $10.58. This zone shows inefficient trading on the weekly and daily charts. It also contains the 40 EMA. Relatively equal highs at the bottom of this zone mark bears’ stops. These stops provide bulls with an attractive target.

Bulls should be careful, however. The price is trending lower, and the current market conditions are bearish. Yet a consolidation near $7.63 could provide at least short-term support. This consolidation followed the last drop lower.

Chaotic price action below this level makes precise levels impossible to determine. Still, bulls could look for support near old swing highs formed in late 2019 near $6.74.

Slightly lower, an area near $5.48 could also cause the formation of a bullish setup. This area is around the midpoint of significant consolidation. It’s also near the origin of 2020’s rally.

3. Monero (XMR)

Monero XMR allows transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography. The team behind Monero says privacy and security are their biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users irrespective of how technologically competent they are.

XMR Price Analysis

At the time of writing, XMR is ranked the 27^th cryptocurrency globally and the current price is US$190.56. Let’s take a look at the chart below for price analysis:

Source: TradingView

XMR swept 2022’s range high in April, then dropped 60% to sweep its range low. The price is currently near the range’s midpoint.

Since the price is in the middle of its range, there is no clear direction for the next move. Wednesday’s event could generate volatility. This volatility may create better hints for the next significant move’s direction.

The June open, near $197.70, could provide resistance during a retest. This area saw distribution before last week’s downward move. It’s also near the low end of early May’s inefficient trading.

Slightly higher, $212.00 may also provide resistance. Before May’s sharp drop, the price consolidated in this area. It also accumulated here in early April.

A strong rally might reach over early May’s consolidation to $229.80. This rally would run bears’ stops and cross over the 2022 yearly open. The weekly chart also shows an inefficiently traded area around this price.

The price is currently near possible support at $190.10. This area contains the 18 EMA and formed the base of late May’s rally. It should hold if a significant bullish move is next.

If this level breaks, bulls could look for possible support near $155.10. The price may want to run bulls’ stops below May’s swing low while staying above May 12’s swing low. This area saw significant buying in January and February.

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Crypto News Gala Kucoin Market Analysis Monero Trading

Top 3 Coins to Watch Today: KCS, XMR, GALA – May 19 Trading Analysis

Post author By Malik Junaid
Post date May 19, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. KuCoin Token (KCS)

KCS is the native token of KuCoin, launched in 2017 as a profit-sharing token that allows traders to draw value from the exchange. It was issued as an ERC-20 token running on the Ethereum network and was supported by most Ethereum wallets. The total supply of KCS was set at 200 million, and there is a planned buyback and burn until just 100 million KCS remain. Sooner or later, as the KuCoin decentralised trading solution goes live, KCS will be the native asset of KuCoin’s decentralised financial services as well as the governance token of the KuCoin community in the future.

KCS Price Analysis

At the time of writing, KCS is ranked the 44^th cryptocurrency globally and the current price is US$14.24. Let’s take a look at the chart below for price analysis:

Source: TradingView

KCS has been trading through a massive range during Q1, with the price showing mild bullishness during March.

Bulls bought near $12.26. The weekly level and daily gap near $13.80 could prompt buyers to step in again as the price challenges the swing high and resistance around $15.50. A strong move and acceptance above this level may reach for the swing highs at $17.75 and $18.66, which marks another area of resistance.

However, rejection from the current area may send the price down to retest support near $13.05. Relatively equal lows around $12.48 provide a rich target for a stop run. Sustained bearishness may reach the low near $11.96 and possibly as low as $11.23 into higher-timeframe support.

2. Monero (XMR)

Monero XMR allows transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography. The team behind Monero says privacy and security are their biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users irrespective of how technologically competent they are.

XMR Price Analysis

At the time of writing, XMR is ranked the 29^th cryptocurrency globally and the current price is US$163.21. Let’s take a look at the chart below for price analysis:

Source: TradingView

XMR‘s 70% rally during Q1 ran into resistance near $268. Since then, the price has been consolidating in a 120% range between $140 and $210.

Just below the monthly open, $160 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $153 might cap a run on the lows near $146 and $138.

The higher-timeframe analysis points to the area near $184 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $198 and $223 may be the next target.

3. Gala (GALA)

GALA aims to take the gaming industry in a different direction by giving players back control over their games. Gala Games’ mission is to make “blockchain games you’ll actually want to play”. The project wants to change the fact that players can spend hundreds of dollars on in-game assets and countless hours playing the game, all of which could be taken away from them with the click of a button. It plans to reintroduce creative thinking into games by giving players control of the games and in-game assets with the help of blockchain technology.

GALA Price Analysis

At the time of writing, GALA is ranked the 84^th cryptocurrency globally and the current price is US$0.07883. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last week, GALA turned into a recovery trend to make the new highs.

The following 70% plummet found support near $0.05439, sweeping under the 40 EMA into the 60.8% retracement level before bouncing to resistance beginning at $0.07320.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.08412, where aggressive bulls might begin bidding. The level near $0.08950, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.09785.

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.06280 could provide at least a short-term bounce. If this level fails, the old highs near $0.05635 might also give support and see the start of a new bullish cycle after retesting these support levels.

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Crypto News Monero Privacy

Monero (XMR) Rallies Amid Plans of Hard Fork in July

Post author By Jana Serfontein
Post date April 21, 2022

Privacy-focused protocol Monero is set to undergo a hard fork in July which would improve network security and fee changes, according to an announcement on GitHub. A testnet is set to be deployed next month.

Monero says the proposed hard fork would see version 15 of the privacy-focused coin launched with several upgrades for improved security. Since the announcement, its native coin XMR has rallied 11 percent. No separate coin will be issued after the hard fork at a block height of 2,668,888 expected in July. (Hard forks refer to a change to a blockchain protocol that would render the one previous to it invalid.)

#Monero has a network upgrade (hardfork) on July 16th 2022 at block 2668888.

Privacy and performance will be improved! 🎉

The update includes:
🔥Ring sizes will increase from 11 to 16 🔥View tags to speedup wallet/node sync
🔥Multisig fixes
🔥Bulletproof+
🔥 +more!#xmr $xmr pic.twitter.com/jZ5ouk1uqo
— John Foss (@johnfoss69) April 17, 2022

The Monero protocol masks the wallet addresses of users, making it difficult to trace and track transaction behaviour.

What Happens After V15?

The hard fork set for July will usher in software iteration V15, with two previous versions going live in 2020 that introduced marginal upgrades. V15 will see an increase in Monero’s ring size from 11 to 16, along with fixes to its multi-signature mechanism.

Multisignature refers to a transaction that needs multiple signatures before it can be submitted to the network and executed, with ring size referring to the total number of signers in a ring signature. A ring signature is a form of digital signature in which a group of possible signers is merged to produce a single and distinctive signature that can authorise a transaction.

V15 will also introduce a “bulletproof+”, an upgrade to the bulletproof technology deployed on Monero in 2018 that ensures the information stored within a confidential transaction does not contain any false data.

News of the hard fork is welcome, considering the trouble Monero faced earlier in the year. The protocol’s biggest mining pool, MineXMR, approached 51 percent of the hashrate, which raised some serious alarms.

Crypto News Monero Tokens

Monero Holders Coordinate Mass Withdrawal to Highlight ‘Not Your Keys, Not Your Coins’

Post author By José Oramas
Post date April 19, 2022

The Monero (XMR) community on Reddit has planned a bank run targeting numerous centralised exchanges (CEXs) in a response to a “lack of transparency” over the coin. The date of the run, April 18, coincides with the XMR anniversary.

Across social media, members of the Monero community have expressed their concerns over how CEXs are misleading XMR clients. Some of the allegations include that centralised exchanges are suspending XMR withdrawals and misrepresenting XMR reserves.

Customers Led Up the Garden Path

Security engineer and Monero holder Seth Simmons joined the list of users fed up with misleading statements from centralised exchanges. “Looking more and more like exchanges are paper trading Monero and lying about how much they have to customers,” he tweeted:

Looking more and more like exchanges are paper trading #Monero and lying about how much they have to customers.

Opt out, get those keys off exchanges and actually own your $XMR:https://t.co/L9dCWRk4Na https://t.co/wqyfh84SEN
— Seth For Privacy (@sethforprivacy) April 14, 2022

The event, called “The Monerun”, was thoroughly detailed on Reddit. Some exchanges have already disabled withdrawals, but to test the credibility of those who haven’t, are joining forces to pull off the liquidity:

Monero’s obfuscated ledger has enabled a number of exchanges to misrepresent their reserves and sell XMR that they don’t actually have, knowing that all too many of us will never withdraw, and no one can see onchain the evidence of their misdeeds.
‘The Monerun’, Reddit

Not a Good Recent Run For Monero

Two months ago, the dominance of Monero’s largest mining pool, MineXMR, dropped dramatically amid concerns of 51 percent attacks, raising criticism over its security aspects.

On December 8 of last year, XMR took a hit when it was alerted that the Monero multi-sig wallet code was compromised, not exactly affecting the temporary supporting multisigs but rather affecting the current wallet code implementing them.

Crypto News Markets Monero Privacy Regulation Zcash

Privacy Coins XMR, ZCASH Surge Amid Political and Regulatory Uncertainty

Post author By Jody McDonald
Post date March 10, 2022

The past 24 hours has been kind to privacy coins, with many seeing gains of over 20 percent amid concerns about the regulatory environment in the US, a crackdown by exchanges on accounts linked to Russia, and ongoing economic sanctions.

Someone noticed this privacy coins and exploded all of sudden ✨ 💥 #xmr #monero #zec #xvg #zen #dash #Bitcoin pic.twitter.com/w2hROKyPMw
— Chets #Metaverse (@chets777) March 9, 2022

Privacy coins 👀
— Blockchain Backer (@BCBacker) March 8, 2022

Monero, the largest privacy coin by market cap, shot up 22 percent in under three hours according to CoinGecko, peaking at almost US$206 before consolidating around the US$185-190 range.

Likewise, Zcash is up over 30 percent since March 8, having climbed from US$106 and is currently trading at close to US$145, according to CoinGecko. This rally from Zcash follows a significant bounce in November 2021 after the announcement of plans to transition to a proof-of-stake blockchain.

Smaller Privacy Coins Also Up

The surge in privacy coins hasn’t been limited to the large caps; most smaller plays are also up significantly in the past day: Oasis has gained 10.4 percent, Secret is up 14.5 percent and Horizen 17 percent.

Even low-cap and relatively unknown privacy protocols are surging: Pirate Chain is up 18 percent, Tornado Cash 32.7 percent and Verge by 25 percent, all in the past 24 hours.

What Caused the Surge?

Opinion is divided on what exactly has sparked this sudden surge in privacy coins, and there are likely several factors at play.

The release of the crypto executive order by President Biden, with its focus on consumer protection and illicit activity along with the suspension by Coinbase of over 25,000 addresses linked to Russian criminals, are thought to be important factors.

There is also some speculation that Russian oligarchs may be buying up privacy coins to help them get around economic sanctions while maintaining their anonymity:

I regret not buying privacy coins in the last few days.

It was so obvious given all the sanctions that some of these oligarchs would buy them, smh
— Sachika-chan 🌸 (@sachikainvests) March 9, 2022

To put the surge in privacy coins in context, according to CoinMarketCap the overall crypto market cap is up around 4 percent over the past 48 hours.

Tags Privacy coins, Russia

Crypto News EOS Market Analysis Monero NEO Trading

Top 3 Coins to Watch Today: EOS, NEO, XMR – January 5 Trading Analysis

Post author By Malik Junaid
Post date January 5, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Eos (EOS)

EOS is a platform designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.

EOS Price Analysis

At the time of writing, EOS is ranked the 50^th cryptocurrency globally and the current price is US$3.17. Let’s take a look at the chart below for price analysis:

Source: TradingView

After an 80% decline from early October, EOS has ranged between $3.10 and $3.55. The recent rally is approaching probable resistance near $3.25 – but could be aiming for stops above the relatively equal highs near $3.40. Continuation of the bullish move could target the daily gap near $3.52.

Aggressive bulls might add to positions near $3.22 and $3.10. Price action near $3.00 may be more likely to provide support – if the price reaches it – during any retracements.

Relatively equal lows clustered around $2.92 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $2.81.

2. Neo (NEO)

NEO bills itself as a “rapidly growing and developing” ecosystem that has the goal of becoming the foundation for the next generation of the internet – a new economy where digitised payments, identities and assets come together. As well as creating a worldwide community of developers who create new infrastructure for the network and lower barriers to entry, the team behind this project operates an EcoBoost initiative that’s designed to encourage people to build decentralised apps and smart contracts on its blockchain.

NEO Price Analysis

At the time of writing, NEO is ranked the 70^th cryptocurrency globally and the current price is US$26.18. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during mid-December, NEO has rallied nearly 35% into resistance that starts near $35.12.

Aggressive bulls looking for a continuation to the nearest cluster of relatively equal highs around $37.33 might look for bids near $40.86. More significant resistance rests above, near $43.15. A group of significant swing highs at $45.36, $46.55 and $48.23 give possible targets if this resistance breaks.

A stop run on the recent low at $25.00 into possible support beginning near $23.13 might see stronger bidding. This area also has a confluence with the August monthly open.

A bearish market shift could reach the swing low at $21.68 into possible support beginning near $19.24.

3. Monero (XMR)

Monero XMR allows transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography. The team behind Monero says privacy and security are their biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users irrespective of how technologically competent they are.

XMR Price Analysis

At the time of writing, XMR is ranked the 44^th cryptocurrency globally and the current price is US$226.63. Let’s take a look at the chart below for price analysis:

Source: TradingView

XMR‘s 65% rally during Q4 ran into resistance near $289. Since then, the price has been consolidating in a 120% range between $195 and $240.

Just below the monthly open, $219 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $213 might cap a run on the lows near $206 and $200.

The higher-timeframe analysis points to the area near $235 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $248 and $253 may be the next target.

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Bitcoin Crypto News Hackers Illegal Monero Scams

New Spider-Man Movie Torrent Contains Malicious XMR Mining Program

Post author By Jana Serfontein
Post date December 29, 2021

Cybercriminals have to keep up with the latest trends in order to continue running their scams, so it comes as no surprise they’re exploiting the popularity of blockbuster movie Spider-Man: No Way Home as a way to launch crypto-malware attacks.

Fans are urged to be careful when downloading pirated copies of the newest edition of the film as cybercriminals have uploaded a Monero miner code on a torrent download file.

Scammers Hiding Crypto Miner Malware in Torrent Files

Experts from ReasonLabs have reported details of a new malware attack in which scammers embed a Monero (XRM) miner code on a torrent download file for the Spider-Man film. The warning was first issued on December 23, along with details that the torrent file for the movie is named “spiderman_net_putidomoi.torrent.exe” in Russian.

The name translates to “spiderman_no_wayhome.torrent.exe” and the filename has led experts to believe that the malware did in fact originate from a Russian torrenting website.

Once the file is downloaded, the crypto-malware exploits the computer’s power to mine Monero, a privacy coin that operates with untraceable transactions. This type of attack is not as severe as others and does not affect computer performance, but will drive a victim’s power bill sky-high due to its massive energy consumption. Police agents have conceded that hackers are using legitimate names, so the program tends to go unnoticed by antivirus software.

Researchers at ReasonLabs have provided an example of the malware’s details:

What the malware file meta looks like. Source: ReasonLabs

In order to keep from downloading the malware, users are urged to look carefully at aspects such as the file type. A real film should end with the suffix “.mp4” while a crypto-malware file ends with “.exe”. Fans should be especially cautious when downloading content from the internet and are discouraged from downloading a file in Torrent and from other non-official sources.

News of the scam came soon after Bitcoin penny stock BitTorrent soared 80 percent ahead of its Mainnet Launch, which took place earlier this month.

Crypto Scams Continue on the Rise

As more crypto projects launch, more opportunities are created for scammers to take advantage of unwitting users. Late last month, Crypto News Australia published an article detailing a Threat Horizons report released which indicated that 86 percent of hacked accounts were being used to mine cryptocurrencies. Poor security measures were cited as the main reasons for malicious actors being able to infiltrate accounts.

Although the scam found in the Spider-Man torrent is not particularly dangerous, last month an insidious and highly sophisticated crypter was found in the crypto community. Named the “Babadeda” crypter, the malware is still targeting crypto enthusiasts on the popular community chat app Discord.

Crypto News Monero Security

Alert: Monero Multi-Sig Wallet Code May Be Compromised

Post author By Jana Serfontein
Post date December 8, 2021

Participants in the Monero have been exposed to “vulnerabilities” in the implementation of its multi-signature wallet. The vulnerabilities do not affect the temporary supporting multisigs, but rather the current wallet code implementing them, according to Monero developer binaryFate.

Important security announcement regarding multisig wallets. We will share more details when we have them. #monero #xmr https://t.co/m4mtUrwWK5
— Monero || #xmr (@monero) December 6, 2021

Following the Reddit thread, the vulnerabilities were first released through the vulnerability response process. Developers concluded that it would be best to inform the public for security purposes, which has been well received by the community.

Compromised Code Interferes with Multi-signature Creation and Signing

The Monero multi-sig wallet has the ability to form, sign and submit transactions as a group, with the number of signatures needed to sign a transaction varying depending on the type of wallet. The threat means that interference may be experienced with multisig wallet formation, and it may also affect transaction signing.

The compromise could result in funds stolen by one of the parties to the signing. While attending to a solution, Monero has urged its customers to remain calm, and to avoid multisig transactions where possible.

The team at Monero expects a solution within the next week and will provide customer feedback regarding the situation. Monero has however noted that if multisig parties trust each other, transactions can be performed successfully – funds are not at risk when they remain intact, and if the wallet creation is not abused, all is well with the transaction.

Monero Again in a Compromised Position

Monero regularly finds itself associated with scandal and fraud, with many making a negative connotation with the ecosystem. Earlier this year, Monero was implicated when German authorities arrested an Australian man who ran an illegal marketplace dubbed “The Ebay for criminals”. The man had received payments via cryptos with transactions worth 4650 Bitcoin and 12,000 Monero taking place.

In August, Monero was again implicated in a massive fraud case when its former lead maintainer, Riccardo Spagni, aka “Fluffy Pony”, was arrested in the US and extradited to South Africa to face charges of alleged fraud-linked offences between 2009 and 2011. “Fluffy Pony” has been accused of stealing approximately US$100,00 from his former employer by creating false invoices and redirecting payments to his personal bank accounts. If convicted, he faces 20 years in prison.