The privacy-focused cryptocurrency monero (XMR) has been dumping the last few days on the news developers have postponed a highly anticipated hard fork by six weeks.
As of writing, the world's 11th largest cryptocurrency by market capitalization is trading at $258 - down 10 percent in the last 24 hours, according to data source CoinMarketCap.
A week ago, XMR was solidly bid around $380, reporting 90 percent gains over lows seen in February as investors seemingly bought with an intention of making free money via the "moneroV" hard fork, originally scheduled for March 15. However, on March 9 the developers announced a delay as requested by users, trading platforms and large mining pools.
Consequently, prices have dropped more than 30 percent in a week.
The hard fork is now scheduled to happen on April 30 at block 1564965 and the holders (at the time of the fork) will receive free moneroV tokens at a ratio of 10 to one.
Given the demand for free coins via forks, this could lead to positive growth a couple of weeks down the line. That said, the technical charts indicate $200 could be a potential bullish reversal point.
The above chart (prices as per Bitfinex) shows:
Further, XMR will likely have a tough time against bitcoin, the technical chart indicates. Currently, the XMR/BTC exchange rate is trading at BTC 0.027642 on Bitfinex.
Water osmosis via Shutterstock
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