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- Piratechain token price is consolidating between the tight range of $5.23-$7.43 on the daily frame
- The current price of ARRR is $4.03 established on the back of the 5.95% increase in the last 24 hours
- The ARRR/BTC pair is trailing at 0.0002084 BTC with a gain of 1.64% at press time
What is Piratechain and where does it stand against Monero?
Piratechain (ARRR) claims to be a 100% private cryptocurrency. It uses a privacy protocol that cannot be compromised by other users’ activity on the network. Most privacy coins are riddled with holes created by optional privacy.
Piratechain uses ZK-Snarks to sheer 100% of the peer-to-peer transactions making for highly anonymous and private transactions.
Monero (XMR) is a cryptocurrency that has earned its stripes by being one of the most used anonymous coins and continuously improving its privacy tech. However, Monero operates through coin Bulletproof Ring CT (coin mixing) which may spawn as a problem in the future.
RingCT is a system of dissociation where information is still visible after mixing. Monero is more vulnerable to 51% of the attacks than Pirate because Pirate is protected through Bitcoin’s hash rate which at present is more expensive than Monero’s hash rate.
Keeping in mind that both Piratechain and Monero do have similarities, Piratechain has an advantage over Monero at this moment. Pirate operates via ZK-Snarks, which hides all the traces of the transactions and account balances.
This advantage could lead to Piratechain being the next Monero of privacy coins.
It appears that the 4-hour chart is demonstrating that ARRR is finally heading towards an uptrend. Bitcoin’s bloodshed momentum only contributed to wiping out 36% of its gains.
However, the huge dip in the market did cause ARRR to hover in a tight consolidation range between $5.23 – $7.43.
According to critical EMAs, an impulsive wave is expected as the 20 EMA is on the verge of encountering access towards the 50 EMA. The success of the bullish EMA crossover will result in ARRR breaching the critical resistance of $7.43. This particular level is in convergence with the bearish FIB 0.236 retracement from which ARRR has faced rejection more than thrice.
Over the past few weeks, ARRR has witnessed an exponential rise in volume as evidenced by the massive green bars on the 4-hour chart. Yesterday’s volume of (2.11 M) was significantly above the 20day Volume MA of (294.K). The remarkable surge in volume displays that ARRR has caught the eyes of investors as price action is on the threshold of approaching breakout.
For the past 24 hours, ARRR has had <1% transparent volume and has been trading on 32 different markets with its highest volume trading pairs between BTC ($1.66M) and USDT ($59K).
SUPPORT: $5.23
RESISTANCE: $7.43
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
