Monero Cryptocurrency News
Monero Research Labs Seek Funds for Multi-sig Project
One of the challenges of decentralization is that organizations such as the Monero network do not have central pool of fund to work with. The Monero Labs is working on a crowdfunding mechanism through which the network can fund projects related to the development of Monero.
Brandon Gooddall and Saran Noether are asking the community for $9000 to explore the user cases of a multi-sig wallet for Monero.
Multi-sig wallets enable multiple private keys to access making such wallets safe for communal of company use
“I am asking for $9,000 USD/month; this is in line with market rates for a Ph.D. scientist and mathematician (accounting for the tax implications of working outside a traditional employer), and represents my assessment of fair compensation. and I am asking at 71.88 USD/XMR as my baseline exchange rate […] For the last two funding periods, I was using the 30 day EMA to estimate the Monero exchange rate, but this always leads to an over-estimate of price during a bear market.”
Riccardo Spagni, a lead Monero developer said, “The Monero Research Lab has been primarily responsible for major innovations in Monero, such as RingCT, so I’d definitely attest to that.”
Monero Price Analysis
With the consistent gains XMR is making week after week, there is no doubt that more investors are showing interest in the coin. The good news for Monero bulls is that the cryptocurrency is flowing with market sentiment, meaning that they can be confident of a breakout with the trend set by the general coin market.
The coin is changing hands at $112.05 Tuesday after initial losses of 7 percent. Monero has seen recovery with the formation of candlestick model indicating a trend reversal. The market value is presently $1.8 billion and daily trade volume of $37 million.
On the 24 hour chart, XMR has a support at the $106 mark or the MA50. The resistance is located at $118.07 or the daily moving average of 100.
From the observation of the hammer formation, it is likely that the trend reversal favoring the bulls will be sustained in the short term. This is another positive news since any extended bullishness may be what the coin needs pending general market trend reversal.
On the down side, XMR has the $100 psychological mark as a support. However, if the bears build more pressure on the $106 support, prices may yet slide to $99.
XMR/USD Price Chart, Wednesday September 19th:
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