Monero Crashes on 51% Attack Fears: Here’s What the Charts Say Is Next for XMR
Main Idea
Monero (XMR) has experienced a significant price drop due to concerns over a 51% network attack by the Qubic mining pool, leading to panic among investors and accelerated bearish momentum.
Key Points
1. Monero (XMR) price dropped 15.96% in a week and nearly 25% in the last month, making it one of the worst performers among top 100 cryptocurrencies.
2. Qubic, a mining pool led by former IOTA co-founder Sergey Ivancheglo, claims to have achieved majority control of Monero's hashrate, raising fears of a 51% attack.
3. Trading volume for XMR surged as investors rushed to exit, with the price falling to $251.35, erasing gains from the summer rally.
4. Monero's network showed instability with 60 orphaned blocks in the last 720 blocks, further fueling concerns about the attack.
5. Technical indicators like the RSI (25) and ADX (29) suggest XMR is oversold, but the price remains below key EMAs, indicating continued bearish pressure.
Description
Fears of a network takeover have sent the price of Monero crashing down. And the XMR charts don’t look pretty.
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