Monero (XMR) is currently in a bullish trend in its long-term outlook. The privacy-0oriented coin just celebrated the fifth year of its existence.
The bearish correction pushed the coin down to $63.55 in the demand area just how Bitcoinexchangeguide has predicted about a week ago.
Now, the online publication reports that the bulls have returned and this was announced with a large candle at $64.05.
XMR surged to $70.85 in the supply area, and this may be the high of the week.
“$73.00 in the supply area may be retested and formed a triple top and a possible breakout to the upside may occur as the bullish pressure becomes stronger and more candles open and closed above the two EMAs,” they write.
Monero needs atomic swaps
We recently reported that Monero is at severe risk of being shut down. This comes amidst the huge scandal involving the BSV coin and Craig Wright.
The man keeps saying he’s Satoshi Nakamoto and the whole crypto space is sick and tired of hearing this.
A lot of people called him out for his fake claims, and Wright has been throwing lawsuit threats all over the place.
This led Changpeng Zhao to decide that it’s time to delist BSV from Binance and more important exchanges such as Kraken and ShapeShift followed his example.
The dangers of centralized exchanges basically mean that there’s a possibility that in the future, these will decide to ban digital assets such as Monero.
The reason would more than likely be a push coming from regulatory authorities.
A viable solution to prevent this from happening would be Monero to integrate the ability to atomic swap without the need of a centralized exchange.
If you haven’t heard of atomic swaps, well they imply the fact that transactions and trading from one currency to another are made are extremely high speeds without the need for validation coming from third parties.