Mobilecoin Price Jumps 300% on Twitter’s Signal Integration Rumors

NEW DELHI (CoinChapter.com) — Mobilecoin, a crypto asset associated with the Signal Protocol, price spiked by 328% over the weekend. The token responded to a likely collaboration between Signal and Twitter for encrypting Twitter’s direct messages (DMs).

Shouldn’t Be Able To Access Users’ DMs Even If There’s A Gun On My Head: Musk

Per a recording of the meeting obtained by The Verge, Musk presided over the meeting, which included a presentation titled “Twitter 2.0.”

The Tesla CEO told employees that Twitter would introduce encrypted DMs and add encrypted video and voice calling between accounts. Musk wants users to “communicate without being concerned about their privacy.”

Twitter’s unsecured direct messages have been a concern for the social media platform. The micro-blogging firm had a privacy scare in 2018 when a bug left an undisclosed number of DMs between businesses. Their customers had been accessible to outsiders for over a year.

Musk stated that no one should be able to access other users’ DMs, emphasizing that even he should not have the privilege to violate those rights even if “somebody has put a gun to my head.”

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Additionally, the Tesla chief heaped praise on Signal, an encrypted non-profit chat app. Musk shared that Signal creator Moxie Marlinspike might be helping out with encrypting Twitter direct messages.

Twitter’s iOS App Code Includes Signal Code Reference

Meanwhile, a Twitter post by a tech blogger, Jane Manchun Wong, shared screenshots that revealed that the Twitter iOS app code references the Signal Protocol.

Moreover, there are signs that Twitter plans to introduce the feature for its android apps.

Musk’s Twitter 2.0 plans have a lot of emphasis on user data security and privacy. Moreover, the Chief Twit plans to include Advertising as Entertainment, Longform Tweets, Relaunch of Blue Verified, and Payments.

Additionally, spam on crypto Twitter has dropped by more than 50% since Elon Musk took over the company’s reins.

Mobilecoin Price Spikes, But Bears Pare Gains

Mobilecoin (MOB) price spiked over the weekend, with MOB jumping nearly 550% between intraday low ($0.56) and high ($3.62) levels on Nov 26. However, aggressive selling by bears pared gains.

On Nov 27, the Mobilecoin token price spiked 80% from the day’s low of $1.33 to reach an intraday high of $2.4. But MOB price ended the day with a loss of 1.8%, emphasizing the strong bearish presence near the token’s 200-day EMA (green wave).

MOB continued rallying on Nov 28, gaining 16.5% to reach an intraday high of $1.58 from the day’s low of $1.36. Additionally, the price jump helped the Mobilecoin token break above multi-month descending trendline resistance.

However, despite the massive rally, MOB’s price remains 98% below its ATH of $85.3.

The price spike also helped MOB’s 20-day EMA (red wave) needle above its 50-day EMA (purple wave) to form a bullish pattern called the golden cross. Traders consider the indicator a buy signal and an indicator of positive market sentiment.

If bulls continue pushing prices upward, the MOB price might rise to resistance near $1.65. Moreover, a break and hold above immediate resistance might help the Mobilecoin token price rise to challenge resistance from its 200-day EMA near $1.82.

Meanwhile, MOB’s RSI remains overbought since Nov 26, clocking at 83.85 on the daily chart. Overbought RSI levels often forecast a bearish trend reversal for an asset.

A sell-off might see the MOB price fall to immediate support near $1.42. Moreover, failure of immediate support could force the Mobilecoin token price to test support near $1.31 before recovering.

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