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- CipherTrace files two patent applications for Monero tracking software.
- Technical indicators imply that XMR may be ready for a fix.
Monero (XMR), the 16th largest digital asset with a current market cap of $ 2.2 billion, has gained nearly 9% over the past seven days. The coin bottomed at $ 120.5 on November 12 and reached a recovery high of $ 129.9 on November 22. At the time of writing, XMR / USD is trading at $ 125.7, mostly unchanged on a daily basis. The coin is most actively traded on Binance and Huobi Global, while its average daily trading volume exceeds $ 1.4 billion.
CipherTrace hunts down Monero
Blockchain intelligence and analytics firm CipherTrace has filed two patents for the Monero tracking technology. According to the press release published by CipherTrace, the patented solutions will include two forensic tools that will allow to trace transactions on the Monero blockchain, retrieving information about the holders of the wallet. Company experts say the new solution will help track down stolen or illegally used coins.
CipherTrace’s Monero tracking capabilities will allow [Virtual Asset Service Providers] to identify when inbound XMR may have criminal origins, allowing them to properly assess customer transactions under any required regulations, ”the blog said.[Our] The goal is to enable the detection of criminal users, thus increasing the safety and sustainability of private coins like Monero in the future.
CipherTrace works with state authorities and creates software to track money laundering and illegal activities. The tools developed by the company provide visual information that can be used as evidence in courts and other law enforcement authorities.
Banks and cryptocurrency exchanges are also among CipherTrace’s customers. They use the simplified version of the money tracking software to ensure compliance.
Although Bitcoin is still the most popular coin on Darknet, Monero is often used for mining hidden cryptocurrencies, also known as cryptojacking. Aside from that, the hackers want the ransom paid in Monero to make sure the authorities don’t track them down.
CipherTrace claims to have been developing the software for two years. If it works as intended, Monero could lose its privacy coin status. Although the efficiency of the tracking tools has yet to be proven, the market reacted to the news by selling XMR. The coin fell to $ 112 on Sunday November 22, before recovering to $ 125 at the time of writing.
The technical picture bodes ill for Monero bulls
The TD Sequential Indicator presented a sell signal on the XMR daily chart, adding credibility to the negative outlook. The bearish formation developed as a green nine candle. If the pattern is confirmed by a red two-candle below a previous red candle, Monero will be ready for a three-day one to four candle correction.
XMR / USD, daily chart
The first bearish target comes at $ 112. This barrier served as a support in early November; it is also strengthened by the low of 22 November. Once out of the way, the sell-off is likely to gain traction with the next focus on the psychological $ 100 and $ 97.
On the upside, a sustainable move above $ 130 will invalidate the immediate bearish scenario and allow for an extended recovery towards $ 143, the recent recovery peak reached on October 27.
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