Monero: Private decentralized Coin

Monero coin was originally forked from Bytecoin and is a secure private untraceable coin. Monero uses RingCT privacy technology. It provides privacy through unique features such as

For senders (Ring Signatures)

For receivers (Stealth address)

For the transaction (Ring CT (Confidential transaction)

Monero which is previously known as Bitmonero is the first coin to use CryptoNote technology. Cryptonote is next next-generation platform useful for creating anonymous and secure cryptocurrencies.

Crypto Note :

It is an open-source technology and concept for the cryptocurrencies of the future. The main features are

Untraceable payments

Unlinkable Transaction

Double spending proof

Ring signatures-

 A ring signature is composed of the actual signer who is then combined with nonsigners to form a ring and it helps to mask the origin of the transaction. All members are considered equal and valid in this ring.

Main features of  Monero-

Transaction per second -4

Block Time-  2 seconds

Transaction confirmation time- 20- 30 seconds

XMRUSD prices have been trading in a narrow range between $178.49 and $157 for the past one month. It hit a high of $162.93 and currently trading around $169.54. The pair is holding below the short-term (21-day EMA and above the 55-day EMA and long-term moving average (200-day EMA).

The near-term resistance is around $180, any indicative breach above will take the pair to $190/$203. On the lower side, immediate support is $162, and any violation below targets $150/$146.

Indicators ( Daily chart)

CCI(50)- Bullish

Directional movement index - Neutral

It is good to buy on dips around $160 with SL around $145 for TP of $200.