Monero [XMR] trades below $45.8 support level, RSI nearing oversold: Technical Analysis
As the cryptocurrency market has opened its door for the bears to step in, Monero [XMR] along with other altcoins began trading in red. The 14th most valuable digital currency in terms of market fall following the downward trajectory is trading with sluggish momentum. Though the coin has not yet succumbed to heavy losses, yet it seems that sooner it will reach the oversold level in the market. Previously, when the crypto market condition remained moderate, the Monero [XMR] tumbled almost 12% in the last seven days and jumped nearly 6% in a period of a month.
The MACD indicates that the cryptocurrency is trading in bearish territory and at the time of writing, the coin is exhibiting a downtrend, as evidenced by the 100 EMA line. The virtual currency is trading below its key support level, which is found at $45.8. The hourly RSI indicator, at press time, stands at 38, which shows that the digital asset is rapidly advancing oversold levels in the market. The crypto has inched down nearly 1.87% against the U.S. dollar to currently trade at $45.07. The total market cap of the altcoin stands at $752.48 million, as per the data from CoinMarketCap.
The digital currency, at the moment, has slipped almost 1.47% against Bitcoin [BTC] and one XMR is valued at around 0.0123035 BTC.
Monero [XMR] Latest Updates
Popular privacy coin, Monero [XMR], is known to be one of favourite cryptos among the cybercriminals. In fact, a recent research shows nearly $57 million worth XMR has been lost to illicit Monero mining. Not just that, now it’s hitting the headlines as not just cybercriminals even kidnappers are demanding Monero as ransom. Kidnappers demanded nine million euros [$10 million] in the crypto after abducting Anne-Elisabeth Falkevik Hagen, wife of one of the richest men in Norway, Tom Hagen. The amount the kidnappers asked for is around 1% of Monero’s entire marketcap, Reddit user, Joaeahina pointed out.
A new research report suggests that Monero [XMR] is the most favorite cryptocurrency among cybercriminals in underground economies such as Pay-Per-Install services. 4.32% of this digital currency has been lost to illegal crypto mining by the underground economies. The miners have made approximately $57 million from illicit Monero mining. Two researchers, Sergio Pastrana from Universidad Carlos III de Madrid and Guillermo Suarez-Tangil from King’s College London, published their research last week. The research focussed on crypto mining malware. It tracked the increased interest among underground economies for crypto mining malware. The research found that most of these miners used simple mechanisms to avoid detection and used minimal and cost-effective infrastructure to mine Monero
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