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Since 2014, Monero has been abiding by revolutionary ideas of keeping all virtual transaction details hidden. There are many investors who are getting attracted to the Monero cryptocurrency XMR and along with that, the Monero developers receive huge donations that are equal to half a million USD. In this article, we will discuss the various Monero updates.
Monero blockchain network hides all the available ways to find the details of the receiver, sender, and amount that is being transacted through its network. The details of the senders are hidden away using ring signatures, the amount sent is covered using ring CT, and even the address of the receiver is hidden using secret address loops. Monero mining blockchain network uses XMR as its digital currency, which is also termed by crypto investors as a cryptocurrency.
According to the Monero team,
“Monero continues to grow, with privacy and security goals first, ease of use and efficiency second.”
With a Monero coinmarket cap of more than USD 4 billion with almost 18 million coins that is currently in circulation. The current circulation is very near to the final circulation limit of 18.4 million Monero coins. What ability does XMR have shortly can be concluded from the technical exploration of its price action with the help of moving averages, mathematical indicators, and trend lines.
The Monero continues to gain popularity with its security goals and privacy, and it uses high-level cryptography to cover the identities of senders and receivers. As a result, hackers are highly choosing the Monero coin to ensure privacy in cryptocurrency, instead of Bitcoin. As we all know, the identity of the parties that are involved in any transaction in Bitcoin can easily be traced, because the blockchain is transparent and public. This is why more and more users are choosing the Monero coin over Bitcoin, and this rising interest can push the market value of Monero further up.
Monero Update: Technical Examination
- Strong Resistance: $405
- Immediate Resistance: $300 to $310
- Immediate Support: $240
- Strong Support: $200 to $210
- 100 Day Moving Average: $301
- 200 Day Moving Average: $234
Monero’s price escalated to an all time high of $480 but after the decrease in May, it is still trying to cross the immediate hurdles. With the help of changing trend lines, averages, and other indicators we can see that Monero coins have been taking help from the 200 Day Moving Average at $233 and are facing hurdles by the 100 Day Moving Average.
The current obstacle is placed at $302 that is being followed by the trend line resistance of $309. If Monero surpasses these resistances on a daily basis without any sign of weakness there can be a massive rally as it will move in the next strengthening levels of $300 – $400. There is no resistance till the level of $400.
Moving Average Convergence Divergence (MACD) is portraying a potential hike and has been increasing in divergence. If the volume of traded coins increases there can be a generous up move to the tune of 50% to 100%. The only hurdle would be crossing the 100 Day Simple Moving Average without any red candle.
Update Your Monero Wallet
Before you know how to perform Monero updates, it is always recommended to first check the integrity of the binaries and verify that they are authenticated with Fluffypony’s GPG keys. Once done you can start with your Monero wallet update.
For Monero CLI (most recent version: v0.17.1.9)
- First, download the newly available binaries (the .zip file (Windows) or the tar.bz2 file (Mac OS X and Linux)) from Github or their official website.
- Then you will have to extract all the new binaries to a new directory of your choice.
- Copy all the wallet files from the old directory (the one that contains the v0.15.X.X, v0.16.X.X, or v0.17.X.X binaries).
For Monero GUI (most recent version: v0.17.1.9)
- Download the new binaries (the .zip file (Windows) or the tar.bz2 file (Mac OS X and Linux)) from Github or their official website.
- Extract the new binaries to a new directory of your liking. This is the recommended and the easiest technique. Alternatively, you can overwrite the old binaries if you wish to.
- Open “monero-wallet-gui”. It should load your “old” wallet automatically and you should be set for the upcoming scheduled Monero update.
- If you’re running a local node, the combined daemon (monerod) will initially have to convert your data to a new version. This may take 5 to10 minutes and the GUI will indicate that it’s disconnected. It is advised to simply let it run and after the completion of the database conversion, the GUI will again connect back to the daemon (monerod).
Conclusion
Even after Monero updates, the price will not face any resistance till $300. It is recommended to enter Monero’s XMR coins only after it surpasses the level of $300 on the daily chart for better returns.
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