Monero Breaks Resistance in the Wake of Report. XMR +8% - Monero News, Price Analysis. Sunday, September 2
Monero Now the Favorite Coin for Crypto Jackers
The anonymity of Monero and the fact that using crypto mixing service with its use make transactions very difficult to track has made the digital currency the favorite of crypto jackers according to a report by Trend Micro a security company.
Data available to the company says that the act of illegally mining crypto by hackers has risen by more than 1000 percent between January and July 2018 due mainly to the preference hacker now have for the more discreet mining to other forms of hacks such as ransomeware.
In the report “Unseen Threats, Imminent Losses” the firm said, “Throughout the next few months, we also saw a noticeable shift away from highly visible ransomware to a more discreet detection: cryptocurrency mining. These damaging threats — from the miners that quietly leech power from victims’ devices to the dangerous vulnerabilities that leave machines open to covert attacks — split limited security resources and divide the focus of IT administrators,”
Monero Has A Great Future – Report
The ICO advisory firm Satis Group recently released a report on the future of cryptocurrencies especially regarding its outlook in the next 10 years. In the report, the firm said that Monero will be valued nearly $20,000 (they specifically used $18,000) in the next five years making the privacy coin the crypto with the highest potential in terms of ROI according to the report.
Monero is presently valued at $98, so $18,000 is equivalent to 18,200 percent increment in value over the next five years. The firm further linked successes to coins according to the extent to which they are decentralized and the independence of branding, pointing out that coins that planned to ride on other brands such as Bitcoin Cash will lose valuation.
They also maintained that centralized cryptos such as XRP that have used deceptive marketing to lure in investors will be worse off in the future.
Although Bitcoin was predicted by the report to rise in to $96,000 in 5 years, Monero definitely is the biggest gainer according to the report.
Monero Breaks Resistance in the Wake of Report
XMR which has held above the 20-day EMA in the past 4 days broke the $109 resistance in the wake of the news that future prospects are good. This may the first time since December that XMR is making a convincing break from the downtrend. It is evident from the flattened moving averages that the bulls have dominance.
ForecastCity is long on XMR and agrees that this is the beginning of an uptrend, his analysis said, “The price is below the 21-Day WEMA which acts as a dynamic resistance.
- The RSI is at 39.
- While the RSI and the price downtrend in the Daily chart are not broken, bearish wave in price would continue.
- There is a possibility of temporary retracement to suggested support zone (84.00 to 73.00), if so, traders can set orders based on Price Action and expect to reach short-term targets.”
XMR/USD Price Chart, Sunday September 2nd:
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