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Monero [XMR] Rises by 7.74% After Hitting 6-Month Low


XMR prices are up by 7.74%% after hitting a 180 day low yesterday. It is trading at $58.15, at press time. 

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 A look At Weekly Price Charts 

XMR/USD pair reversed sharply after hitting $58.07. Subsequently, the bulls failed to break resistance above $58. If the bulls manage to take control, the price will likely break above $59. A price correction is also likely with key support levels at $54.70 key support levels. 

Tradinview
Chart Source: TradingView

Considering the price trends, XMR/USD was trading at $54.34 on 11th October. The price first touched $57.72 the same day and then dropped by 6.03% again. XMR price is fluctuating in a strong bearish zone and it is likely that it remains range-bound before dropping further.  XMR hit a 6-month low yesterday and has managed to rise from $53.49 to $58.15. 

Technical Indicators

Relative Strength Index (14) 47.20770133

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Stochastic %K (14, 3, 3) 45.65173661

Momentum (10) 1.28737230

MACD Level (12, 26)

Exponential Moving Average (5) 55.05750427

Simple Moving Average (5) 54.17293756

Exponential Moving Average (10) 55.05760735

Simple Moving Average (10) 54.71229021

 

Source- Trading View

Reason Behind Monero Price Drop

The news of the implementation of FATF’s travel rule seems to have hit XMR rather gravely as OKEx announced its plan of delisting XMR on September 10. XMR, which was at nearly $76 plunged and closed at $72.23. OKEx was among the first major exchanges which announced that that it will delist privacy coins – Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) from its platform. 

Cryptojacking Worm Mining Monero 

Monero has been a favorite among cyber thieves given the privacy it provides. Recently, researchers have revealed that sextortion malware is also secretly mining privacy-focused cryptocurrency Monero, with all funds generated going directly the attackers. 

Cybersecurity researchers dubbed the malware Save Yourself, as recipients typically receive the bogus emails from senders like “[email protected].” Moreover, Save Yourself only uses 50 percent of the infected machine’s CPU to mine Monero, so as not to raise suspicion.

Will Monero prices increase or undergo a price correction? Let us know, what you think in the comments below!



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