Privacy-focused cryptocurrencies are reporting solid gains Wednesday, propelled by the news adult entertainment leader Pornhub will now accept one of the most notable crypto assets in the category, verge (XVG), as payment.
In response, it seems investors are snapping up other cryptocurrencies that tout confidentiality advances, with monero (XMR), dash (DASH), zcash (ZEC) and lesser-known names like PIVX (PIVX), Zcoin (XZC) and NavCoin (NAV) all seeing bids.
Of those, monero, the world's 11th largest cryptocurrency by market capitalization, clocked the biggest gain, hitting a four-week high of $232 earlier today. At press time, it was changing hands at $227 – up 14 percent in the last 24 hours, according to CoinMarketcap.
Clearly, XMR is leading the rally in privacy-focused cryptocurrencies, and it may be because investors see the verge partnership as a boon for its chances in fringe e-commerce. (As far back as May 2017, Pornhub users had proposed monero as the preferred mode of payment for adult websites.)
All told, price chart analysis indicates good times ahead for the cryptocurrency.
XMR daily chart
The above chart (prices as per Kraken) shows:
- The daily candle has moved well above the upper Bollinger band, signaling a bullish breakout.
- The relative strength index is above 50.00 (in bullish territory) and trending north.
- A "death cross" (bearish crossover between the 50-day moving average and the 200-day moving average. However, it is usually a contrarian indicator, meaning confirmation is usually followed by a rally in prices.
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The tide has turned in favor of the XMR bulls, at least in the short-term, and the cryptocurrency will likely test $257 (Feb. 24 low) in the near future.
Only a daily close (as per UTC) below the 20-day MA would signal bullish invalidation.
Anonymous man image via Shutterstock