Given the plethora of coin offerings with niche differences, it is no secret that the financial ecosystem will be ultimately home to only a handful of names. In this effort, businesses have started rebuilding their ecosystems to ensure their coin maintains its future-ready status amid the rising competitions. Contrary to popular belief, prominent crypto enthusiast Max Keiser displayed his certainty in Monero’s position as a market leader in the not so distant future.
Keiser supported this belief by pointing out BTC’s lack of fungibility, and how Monero can serve that purpose and as a result, be of the top three coins in the ecosystem. He added,
“I don’t know how Bitcoin is gonna tackle this. If it can’t tackle it then out of all the privacy coins, Monero will be a champion in that space and we’ll have a Bitcoin-Monero duopoly.”
He also highlighted the fact that while Bitcoin was always considered as digital gold, Monero will better positioned to handle the fungibility and privacy concerns when BTC crosses $100,000 in value. Although the seasoned fiat and crypto investor glorified Moreno, he stated that no altcoin will be able to completely disrupt BTC’s decade-long position as a market leader.
Heating up the conversation, Keiser also mentioned that crypto leaders such as John McAfee, Roger Ver and Craig Wright have “gone insane.” He supported this statement by saying,
“It’s (The Bitcoin protocol) so pure and so honest, that if you don’t have that in your heart to begin with, it (the protocol) can drive you insane. This is Bitcoin derangement syndrome.”
While talking about the rise and fall of cryptos in the altspace, Keiser firmly believes that the market is going to determine the outcome and the protocol will evolve within the hybrid of economics, psychology, game theory, and technology. Keiser ended the interview stating,
“I don’t claim to have the answer. We’re living in a time that demands radical answers to some of these intractable problems. The story is still being written
Fake XMR bugs on Monero is fixed within a month after being found
Significant bugs that allow the creation of fake Monero was found by a blockchain developer.
Cryptocurrency is truly a nascent technology that can be developed to things people couldn’t imagine. That said, it still has the bugs that possibly ruin the entire network.
Recently, HackerOne revealed significant security bugs on the Monero (XMR) network. Some of the bugs make the network is prone to DDos attack, although some others are successfully fixed.
The blockchain developer who found the vulnerability said he successfully created a “fake XMR” and even sent them to exchanges.
“By mining a specially crafted block that still passes daemon verification, an attacker can create a miner transaction that appears to the wallet to include sum of XMR picked by the attacker. It is our belief that this can be exploited to steal money from exchanges,” the report stated.
Such vulnerability shows that even the most private and security-centric coins can be compromised, which would make crypto “worthless” as it fails to deliver its most foundational promise of security and transparency.
Despite being successfully fixed, Serge Vasylchuk, Codex exchange CEO said, “Most of the vulnerabilities were disclosed few months ago, yet were only now fixed. While Monero developers are doing great work, they cannot guarantee no new coins were minted by deceiving an exchange. If such an attack would occur, it might’ve taken a long time until the exchange would’ve noticed it, unless their security mechanisms are advanced enough to scan its cold wallet storage and compare it with account deposits very quickly.”
Moving on, the issue with Monero is that it’s highly susceptible to the domino effect as in how the bugs would affect all existing projects, although as of now, there are no reports yet on the bugs appearance elsewhere.
Unfortunately, Monero is not the only one to have such significant bugs on the network.
Charles Guillemet, the chief security officer at Ledger said, “Monero is not the first example and won’t be the last one unfortunately.”
“Red teaming, independent third party audit, peer review of scientific articles. New cryptographic protocols need time to be reviewed and assessed,” he added.
Eventually, according to Cointelegraph, it is way better for blockchain projects to support one another rather than racing to the finish line.
Monero (XMR) Price Could Drop To $70 Before Fresh Increase
Monero price declined steadily from the $110.00 swing high and settled below $90.00. XMR could revisit the key $70.00 support area before it could start a decent recovery.
- Monero price declined below the $100.00 and $90.00 support levels.
- There are two key bearish trend lines forming with resistance near $90.00 on the 2-hours chart.
- XMR could continue to decline towards the $70.00 level before it could recover above $100.00.
Monero Price Analysis (XMR To USD)
After struggling to climb above the $110.00 resistance, monero price started a significant drop. XMR price broke the $100.00 support area to enter a bearish zone. Besides, the recent decline in bitcoin and Ethereum accelerated losses in XMR below the $90.00 support level.
Click to Enlarge Chart
Looking at the 2-hours chart of XMR/USD, the pair gained bearish momentum after it broke the $90.00 support level and settled below the 25 simple moving average (2-hours).
As a result, the price broke the $82.00 and $80.00 support levels. A new monthly low was formed near $76.28 and the price recently started an upside correction. It broke the $80.00 and $82.00 resistance levels.
Moreover, there was a break above the 50% Fib retracement level of the last drop from the $98.34 high to $76.28 low. The price even climbed above the $88.00 level, but monero struggled to continue higher above the $90.00 resistance.
The price was rejected near the 61.8% Fib retracement level of the last drop from the $98.34 high to $76.28 low. More importantly, the price failed to settle above the 25 simple moving average (2-hours) and it is currently declining towards $80.00.
On the upside, there are two key bearish trend lines forming with resistance near $90.00 on the same chart. Therefore, a successful close above the $90.00 resistance area plus a close above the 25 simple moving average (2-hours) is needed for a strong recovery towards $100.00 or even $110.00.
The overall price action is bearish and suggests that monero could continue to slide below $80.00 in the near term. The main support is near $70.00, where XMR is likely to find a strong buying interest.
MONERO Price Prediction: Long-term (XMR) Value Forecast – July 13
The bears are back in control of the market
• Traders may consider selling with bearish candle reversal pattern as confirmation
XMR/USD Long-term Trend: Bearish
Supply zone: $140.00, $180.00, $220.00
Demand zone: $40.00, $20.00, $10.00
XMR is in a bearish trend in its long-term outlook. The week began on a bullish note a continuation of the previous upward price movement with a large candle at $94.44. The trendline was broken and price rose initially to $107.69 and later to $108.64 in the supply area before momentum loss on 9th July.
The bears gradual returned was a drop of the coin to $9745. Increased bearish momentum led to the breakdown at the support in the trendline and the two EMA. XMRUSD plunges down to $87.00 in the demand area.
A retest of the broken trendline as the bulls pushed price back up to $98.34. This was a market correction and confirmation of the bearish continuation in the long-term.
Price is below the two EMA and the stochastic oscillator signal points down at 40% which suggest downward momentum in price.
$80.00, a key demand area may be retested as the journey down south continues in the dew week.