Crypto Privacy Tokens See Price Lift on Pornhub Deal

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The privacy-focused cryptocurrencies are reporting solid gains today, soon after Pornhub announced it will now accept payments in verge’s XVG token.

Monero (XMR), the world’s 11th largest cryptocurrency by market capitalization, clocked a four-week high of $232 earlier today and is changing hands at $227 – up 14 percent in the last 24 hours, according to CoinMarketcap.

Other privacy-focused cryptocurrencies like dash (DASH), zcash (ZEC) and lesser-known names like PIVX (PIVX), Zcoin (XZC) and NavCoin (NAV) are are also seeing bids.

So, it appears that the verge-Pornhub partnership has boosted the appeal of the cryptocurrencies offering real anonymity, perhaps since investors are expecting porn sites and other businesses where privacy is appealing for customers to start adopting such cryptos in the near future.

Clearly, XMR is leading the rally in privacy-focused cryptocurrencies. As far back as May 2017, Pornhub users had proposed monero as the preferred mode of payment. Now, the porn site’s decision to opt for XVG as its preferred cryptocurrency has left XMR investors exasperated.

However, investors will surely take heart from the price rally seen today. Furthermore, the 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.

View

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

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