We’re going to take a look at Monero (XMR) and some of the news in 2019 that may have affected the price and support of this privacy token. This privacy-focused cryptocurrency had a relatively good year between Q1 through the end of Q2 2019.
[wlm_private “Crypto Trader Pro – Monthly|Crypto Trader Pro – Yearly|Crypto Trader Pro (Lite)”]
Unfortunately, the crypto pair, XMRUSD, resumed a bearish trend at the end of Q2 and trades slightly above the January 01, 2019, bearish accumulation support as 2019 ended with a less than remarkable crypto market.
Like every other altcoin in 2019, XMR experienced a flurry of activity in 2019 that affected its reliability in the eye of users, and its demand and price. Let’s review some of the most notable events.
Monero Targeted by Forensics and Government
In 2019, crypto exchanges experienced increased pressure by regulatory agencies and the government to delist privacy-focused coins like Monero. In an attempt by the government to crack down on digital currencies, exchanges in South Korea and Japan were instructed to delist privacy-focused coins following a ban on such tokens.
Consequently, this ban led to Monero being delisted by several exchanges.
Okex Delists Monero
On October 2, the South Korean cryptocurrency exchange announced that it would delist Monero along with four other coins. According to the exchange, it had received a request to end support for transactions using Monero. There was also a request to review the compliance of the currency with ‘Travel Rules’ of the Financial Action Task Force recommendations.
Upbit delists Monero
Another exchange, Upbit, also moved to end trading support for Monero and five other digital currencies and privacy coins. According to the exchange, it would no longer support deposits in these cryptocurrencies due to money laundering concerns.
BitBay Delists Monero
In November 2019, Poland-based Crypto exchange BitBay also moved to delist Monero due to money laundering concerns. According to the exchange, beginning in February 19, 2020, it will delist privacy-focused coin Monero from its website. The decision to delist was made to limit the chance of money laundering and inflow of money from outside networks.
Monero Used As Ransom
While all exchanges that delisted Monero on grounds of money laundering, none of them could cite specific cases where money laundering took place. It is perhaps, in large part of this that Monero suffered a dent to its reputation.
A notable event was when Anne-Elisabeth Falkevik Hagen, 68, the wife of Norwegian businessman, Tom Hagen, was kidnapped in October 2018. It was reported that the kidnappers wanted to be paid $10 million USD in Monero for her release.
Malware on Monero Website
In 2019, Monero also suffered a malware attack on its website. As revealed by the coin’s core development team, a tool accessible for download on Monero’s (XMR) official website was jeopardized and used to steal cryptocurrency.
Monero Mining Virus
In August, Cybersecurity firm, Varonis, detected a cryptojacking virus called “Norman” that evades detection while mining the cryptocurrency Monero (XMR).
Monero Resolves Fake XMR Minting Bugs
In September, Moreno announced that eight of the minting bugs discovered on the Monero platform had been fixed.
Monero gets Support From Binance
In September 2019, the Binance exchange began to feature Monero and two other altcoins within the fifth stage of its crypto lending product. Finally, a little love.
XMRUSD: Monthly Time Frame
The monthly chart overview shows the pair heading south from a cluster of bearish accumulation patterns in 2018, which ended by a break above the January 1, 2019, bearish accumulation resistance of $57.00.
The bullish surge in price from the breakout of the $57.00 bearish resistance on April 1, 2019, was about 83.54% to the 2019 all-time high, followed by a 45.43% price plunge from the shooting-star candlestick pattern on June 1, 2019.
XMRUSD: Weekly Time Frame
A view from the weekly time-frame reveals the significant chart patterns responsible for the price increase that timed an end to the 2018 crypto-winter and the price plunge of the second quarter of 2019.
As the XMR price formed a lower low on December 10, 2018, the MACD oscillator formed a higher low, hence a regular bullish divergence confirmed by a golden cross of the MACD above the Signal line.
An opposite hidden bearish divergence after June 17, 2019, high was confirmed by a dead cross of the MACD below the signal line on July 15, 2019.
Not too distant bullish accumulation support levels on October 21, 2019, and December 02, 2019, gave in to recent selling pressure, an indication that the pair has a high probability of closing bearish in the last half of the year 2019.
XMRUSD: Daily Time Frame
Looking at the daily time frame of the XMRUSD price pair, a regular bearish divergence on December 17, 2018, signaled an end to the crypto-winter of 2018, bringing the XMR price up by about 34.22%, followed by a second regular bullish divergence on February 8, 2019.
More bullish divergence patterns got signaled on May 1, 2019, and June 13, 2019, as the price increased further.
After setting the 2019 all-time high, the XMR price closed below the June 24, 2019, bullish accumulation support, and into a strong bearish trend.
The Bears and Bulls Scenario
As price closed below the November 27, 2019, regular bullish divergence support after a failure of bullish accumulation support on December 10, 2019, we should expect another regular bullish divergence setup into the New Year 2020. If the MACD oscillator forms a higher low compared to the lower low in price.
A price breakdown of the $38.50 December 2018 support will show that we may be entering a crypto winter similar to that of 2018.
Content provided by CryptoTraderNews is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. All information is of a general nature. As always, there is risk with any investment. In exchange for using our products and services, you agree not to hold CryptoTraderNews Pro, its affiliates, or any third party service provider liable for any possible claim for damages arising from decisions you make based on information made available to you through our services.
Want to read the rest of the article? Join our pro-membership and receive all of the following:
✅Access to ALL content.
✅Access to the CTN editorial staff.
✅Access to our CTN trading dashboard.
✅Access to our exclusive telegram channel where all our pro-members and editorial staff are in.
✅Ability to request content/research material!