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The major cryptocurrencies of Bitcoin, Ethereum and XRP are experiencing sideways movement.
Only Monero (XMR) is exhibiting noteworthy gains in a 24-hour period.
The privacy coin is up over 8% in a day and has its eyes set on the $52 resistance area.
In an earlier article, Ethereum World News reminded the crypto trading community that the CME Bitcoin futures expire tomorrow, Friday 27th March. In the piece, we explored how Bitcoin was having a hard time breaking the $6,900 resistance zone. The King of Crypto is currently experiencing sideways movement at its current value of $6,600. Further looking at Ethereum, $140 has proved to be a difficult resistance to break and ETH is currently trading at $135. Scrolling down Coinmarketcap.com, we find that our favorite privacy coin of Monero is leading the pack with 24-hour gains of 8.35%. XMR is currently trading at $49 and looks set to explore the $52 resistance area.
XMR compared to the top 3 cryptocurrencies. Source, Coinmarketcap.com
Brief Technical Analysis of Monero (XMR)
When we analyze the 6-hour XMR/USDT chart courtesy of Tradingview.com, we find the coin’s current price of $49.80 at the time of writing this, is above the 50 (white) moving average and has the 100 (yellow) moving average as a short term resistance. The latter also coincides with a resistance zone that begins around $52.
6 Hour XMR/USDT chart courtesy of Tradingview.com
Looking at the 6-hour MACD and Bollinger Bands, we see that XMR/USDT has the potential to break this resistance albeit momentarily. $52 might just be a local ceiling for the privacy coin. Also to consider is the aforementioned effect the CME bitcoin futures have on the entire crypto markets. With less than 48 hours before their expiry, it might be a wise decision to walk away from longing Monero and wait for more favorable conditions.
(Feature image courtesy of Brad Barmore on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
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Binance has announced that it will be supporting the upcoming DigixDAO (DGD) dissolution.
The exchange will distribute ETH to qualified DGD holders at a rate of 1 DGD = 0.193054178 ETH.
Earlier this year, the DigixDAO community voted on dissolving the project and burning the DGD in circulation.
The popular crypto exchange of Binance has announced its support for the upcoming DigixDAO (DGD) dissolution. The exchange will convert all DGD balances on the exchange, to Ethereum coins at a fixed ratio of 1 DGD = 0.193054178 ETH. Trading of DGD will cease tomorrow, 27th March, at 12:00 UTC. The token will consequently be delisted. A snapshot of DGD holdings will be taken on the 28th of March 2020, at 16:00 UTC.
DGD balances under 0.01 DGD (including those in trade orders) will not be eligible to receive ETH.
DGD tokens held in sub-accounts will be combined into the corresponding master account. Sub-accounts will not separately receive any ETH tokens.
Once ETH tokens are distributed to the respective DGD holders, each user’s DGD balance will be removed from their asset balances.
ETH tokens will be distributed before 2020/04/04 12:00 PM UTC.
DigixDAO Community Voted to Dissolve the Project
In January of this year, the DigixDAO community voted in favor of a proposal (named Ragnarok) to dissolve the project. The team at DigixDAO will, therefore, carry out the wishes of the community. The decision to dissolve was as a result of community members voicing their dissatisfaction with the project over the years. In a medium blog post, the DGD team thanked everyone that believed in the project since its inception in March 2016.
DGX and Digix Will Continue to Exist
The team also explained that the dissolution of DigixDAO will not affect DGX and Digix.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
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