The cryptocurrency markets retreated after a wild rally early on in the week, however, optimism has remained stable despite the retracements. Monero (XMR) has been on the radar for its sort-after privacy features being compromised. XMR/USD was trending north before plunging to recent lows under $100. From lows beneath sub $94 on 1st October, XMR/USD rebounded to hit a high of $115.08. However, XMR/USD upside potential stays capped at $115 after recovery to the local resistance. The cryptocurrency is down 3.40% on the daily while trading at $105.43. The market cap currently stands at $1.93 billion, ranking XMR 15th on the Coinmarketcap table, with $643 million in trading volume over the past 24 hours. A new version of crypto-jacking malware named Black-T has been discovered by researchers from Unit 42 of a global threat intelligence team created by a group known as TeamTnT. The Monero illicit Mining Malware steals user credentials on the infected device. Meanwhile, Unit 42 said protection against such attacks is relatively easy: Users must ensure no files with highly sensitive information are exposed to the internet.
*From lows beneath sub $94 on 1st October, XMR/USD rebounded to hit a high of $115.08
*XMR/USD upside potential stays capped at $115 after recovery to the local resistance
*The Monero illicit Mining Malware steals user credentials on the infected device
Key Levels
Resistance Levels: $125.00, $120.00, $115.00
Support levels: $104.00, $93.54, $85.00
XMR was outperforming the crypto market for 3 days in a row, especially after rebounding from recent lows at the daily horizontal support of $93.54. Unfortunately, the bullish run could not be sustained beyond $115 as the price got rejected. The coin has retreated from the intraday high of $114.30 as the daily technical picture implies that bullish traction is running out of steam.
If the technical picture holds, the price may retreat towards $100 and the September low of $73.50. On the flip side, if the bulls manage to push the price above $120, XMR might catapult to $125. The RSI turned bearish in the present session, and it’s getting stronger, indicating that further selling pressure will follow towards a $104 soft support zone.
Despite all the negative factors, XMR/USD bulls still have a chance to come back. The 4-hour time frame has established a healthy support level in the form of the MA 50. A successful defense of this level could prompt XMR to re-test the yearly highs and the upper boundary of the parallel channel at $115.
Both buyers and sellers need to focus on the 4 hour MA 50. If the $104 level breaks, XMR/USD can easily slip beneath the $100 mark and subsequently MA 50 support zone. The XMR/USD pair is only bullish while trading above the $93.54 level, key resistance is found at the $115 and the $120 levels. If the XMR/USD pair trades below the $100 mark, sellers may test the $97.50 and $93.54 levels.
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