XMR/USD slips below $107.00 after successful Monero hardfork

  • XMR/USD slipped from the recent range amid global altcoins sell-off.
  • Monero dev team announced successful hardfork.

Monero (XMR) is changing hands at $106.61, losing nearly 2% since this time on Thursday. The coin sits at the 10th place among global digital assets with a market value of $1.7B and average daily trading volume at $22M. Monero has been hibernating in a tight range since the beginning of the week, however, now a bearish momentum seems to be gaining traction. 

Protocol updated

Monero developers announced a successful hardfork that activated Bulletproofs protocol on this privacy-focused platform. The hardfork happened at block No. 1685555, while the next upgrade will take place at block 1686275 to activate the new software version (v9) that will make Bulletproofs compulsory.

“The scheduled protocol upgraded went successfully and Monero compatible Bulletproofs are thus live on mainnet!” the team tweeted.

This protocol has replaced the ring confidential transactions (RingCT) technology, which will allow to reduce the number of anonymous transactions on Monero network by 80% and slash transaction fees.

Read more about hardforks here

Monero’s technical picture

On the 1-hour chart, XMR/USD is capped by $107.31. This support area is created by SMA50 (1-hour). It needs to be taken out for the coin to extend the recovery towards $110.00, the upper border of the recent channel.

On the downside, the support is created by SMA200 (1-hour) currently at $105.29. It is followed by $104.00 (the upper border fo the previous channel) and Thursday’s low at $103.86).

XMR/USD, 1-hour chart

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