Monat: Oktober 2023

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Monero (XMR) price forms a symmetrical triangle pattern

Monero price moved sideways in the past few days as the recent rally faded. The coin retreated to a low of $152.18, a few points below this week’s high of $157.16. It has risen by more than 12% from the lowest point in September. 

Monero, like other cryptocurrencies, are reacting to the ongoing war in Israel, which started on Saturday. The fear is that this war will push energy prices higher, forcing the Federal Reserve to continue hiking rates in the coming months. 

The price of Brent rose to $87.40 while West Texas Intermediate (WTI) soared to $85.60. Natural gas has also risen in the past few days. The next key catalyst for Monero and other cryptocurrencies will be the upcoming FOMC minutes scheduled for Wednesday.

These minutes will provide more information on the last meeting and provide more color on what to expect in the next meeting. The other important data to watch will be the upcoming US consumer price index (CPI) data. 

Economists expect the data to show that the country’s inflation jumped by 3.6% in September. Monero is also reacting to the falling US bond yields, with the 30-year yield falling to 4.8%.

Monero price forecast

The daily chart shows that the XMR crypto price has been in a tight range in the past few weeks. Along the way, the coin has formed a symmetrical triangle pattern, which is nearing its confluence level.

Monero has moved slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has drifted upwards. It has also risen slightly above the key resistance at $149.6, the highest point on August 22nd and September 15th.

Therefore, the outlook for the coin is neutral for now.  The key support and resistance levels to watch will be at $140 and $163. 

How to buy Monero

Binance

Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

Buy XMR with Binance today

AVATrade

Ava Financial Ltd operates the AvaFX and AvaTrade forex brands and all business associated with them. The company has a branch office in Dublin, Ireland, which enabled it to get an operational license from the Irish authorities.

Buy XMR with AVATrade today

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Reserve Bank of Zimbabwe launches gold-backed digital token ZiG

  • RBZ has launched a gold-backed ZiG digital token to address currency instability and inflation.
  • ZiG offers a stable and versatile investment option, gaining investor interest.
  • Investors have purchased 350kg of gold through ZiG, signalling a shift from the US dollar.

The Reserve Bank of Zimbabwe (RBZ) has officially launched the Zimbabwe Gold (ZiG) digital token, backed by physical gold reserves, to address currency instability and rising inflation in the country.

Zimbabwe has grappled with currency instability and soaring inflation for over a decade. After hyperinflation rendered the local currency nearly worthless in 2009, the nation adopted the US dollar as its official currency. However, in 2019, Zimbabwe reintroduced its own currency, only to face renewed currency volatility.

ZiG: Gold-backed cryptocurrency

In April 2023, the RBZ introduced the concept of the Zimbabwe Gold (ZiG) digital token, underpinned by physical gold reserves held in the central bank. The primary objective of this initiative is to provide a stable and valuable investment avenue for local investors, encouraging them to shift their focus from the US dollar to national assets.

ZiG tokens can be stored in e-gold wallets or e-gold cards, offering a convenient and versatile payment method for users. These digital tokens are tradable for both peer-to-peer and business transactions.

Investors’ response

The RBZ reported that the value of ZiG tokens varies depending on the weight of the gold reserve, with options ranging from 0.1 ounce to 1 ounce. As of September 28, 2023, investors had purchased the equivalent of 17.65 kilograms of gold in ZiG, utilizing both Zimbabwean and American dollars. Approximately 350 kilograms of gold have been sold through this innovative digital token since its introduction.

The issuance of gold-backed digital tokens aims to expand the array of value-preserving instruments available in the Zimbabwean economy, enhance the divisibility of investment options, and increase accessibility for the general public.

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Bitcoin’s dominance level now above 50% as altcoins underperform

Key takeaways

  • Bitcoin’s market dominance now stands above 50% as Ether and other major altcoins underperform.

  • The broader crypto market is currently bearish due to the geopolitical uncertainty in the Middle East.

Bitcoin’s market dominance now stands at 50.3%

Bitcoin, the world’s leading cryptocurrency by market cap, has seen its market dominance increase in recent years. BTC’s market dominance now stands at 50.3%, a three-month high for the cryptocurrency.

This latest cryptocurrency news comes as Ether and other major cryptocurrencies have underperformed in recent days. Ether has seen its market dominance decline from 19% to around 17% over the last few months. 

Ether’s market dominance has been declining despite the Ethereum Merge upgrade going live a few months ago. Ether has underperformed compared to Bitcoin since Ethereum transitioned into a proof-of-stake protocol. 

Altcoins have been facing massive pressure from sellers in recent days. However, analysts believe that Bitcoin held its support above $27k.

If Bitcoin breaks past the $28k resistance level, it might rally above the $30k level in the near term.

Altcoins might face further selling pressure in the short term if the current trend is sustained. BNB and XRP have maintained their market dominance level of around 3% and 25%, respectively, over the past six months. 

The post Bitcoin’s dominance level now above 50% as altcoins underperform appeared first on CoinJournal.