Monero [XMR] kicks off tail emission; is it enough to trigger some upside

ambcrypto.com:

Monero just announced the launch of its tail emission upgrade which is one of its latest and greatest milestones. Here’s what you need to know about the upgrade, its impact on Monero and whether it will impact XMR’s price action.

The tail emission upgrade can best be described as a perpetual incentive designed to incentivize mining. The upgrade will provide a 0.6 XMR reward for every block created in the network. However, the most notable thing about the reward is that it will be issued forever.

The brief summary is that the incentive will help maintain Monero’s hashrate within healthy levels. Most of the top Proof of Work (PoW) blockchain networks have a halving model that will eventually reduce the reward to zero. When that happens, the hashrate may drop significantly since transaction fees alone will not be enough for miner profits. A perpetual reward will help overcome this challenge and help maintain healthy network usage.

As for its potential price impact, such major developments often encourage some upside. However, the announcement does not seem to have had any short-term impact on XMR’s price action. The long-term impact will likely become more apparent as the price grows, resulting in a bigger block reward.

XMR traded at $187 at press time after a 5.32% drop in the last seven days. Its current price level shows signs of weak downward pressure after consolidating back to the neutral RSI level.

Source: TradingView

XMR’s Money Flow indicator highlighted slight accumulation within the last 24 hours, preventing further downside. However, the price also seems to be struggling to gain bullish volumes, hence the lack of significant upside.

XMR’s on-chain metrics highlight a similar situation. Its volume dropped significantly