How Safe is Monero in View of Security Breaches? - Monero News, XMR Price. Sunday, September 9
Important Monero Cryptocurrency News
How Safe is Monero in View of Security Breaches
There have been multiple reports indicting XMR as the favored crypto by cyber criminals. This has cast a shadow and unwarranted suspicion on the coin as linked with illegal activities and has generally made regulators wary of it.
The Japanese regulators for instance are against the trading of Monero due to its privacy nature. The belief is that the secrecy surrounding its transactions makes it an easy channel for money laundering and other crimes.
In recent weeks, the report that crypto jackers and a phishing site located in Ukraine have targeted XMR has raised questions about the security of the coin. Then there was another report of 200,000 infected routers used to secretly mine XMR using the processing power of machines with owners oblivious of that fact.
All of these have raised questions in the minds of users and investors. However, even with the recent Mega Chrome Extension saga, a recent Weiss Rating survey shows that Monero is still considered the best privacy coin in the ecosystem with 65 percent of respondents saying that Monero is their preferred digital currency when their consideration is privacy and security.
That may be a relief to the Monero community and network, however it is obvious that the strength of XMR may still be its weakness.
Monero Bears Losing Momentum Even with Price Drop
Monero is presently one of the altcoins with promising outlook as the coin market has been dropping value over the past week. XMR dropped to $106 from $119 but still ranging with support holding at over the $105 mark. Despite a significant drop, the coin is still one of the strongest in the market with supply zones located at $150, $160 and $170 while the demand is at $100, $90 and $80.
Even though the coin ranges in the mid-term, the short and long-term outlooks are quite different. The stochastic oscillator pushed the bears into the market though it is now obvious that the support is holding well and the bears weakening making XMR promising in the short term.
It is expected that the price would move above the 10 day EMA effectively giving the bulls the needed space to gain traction. This is the likely scenario as the bulls weaken. At the time of report, XMR is trading at $107.08 and with the weakening sell pressure, things are looking brighter.
It is obvious that there is strong confidence in XMR especially because it is one of the best privacy coins in the market. So an upward movement is likely in the coming days debar negative pressure being born on it by the general market condition, especially BTC price stability.
Although short term bullish, it can be observed that the price is below the two EMAs indicating that the coin is still bearish long term.
Forecastcity analysis using data from Bitfinex in which XMR has trade volume just over $40 million in the past 24 hours stated:
“While the RSI uptrend #1 is not broken, bullish wave in price would continue.
The price is above the 21-Day WEMA which acts as a dynamic support.
Relative strength index ( RSI ) is 50.”
XMR/USD Price Chart, Sunday September 9th:
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