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Monero price analysis: XMR/USD ripe for more declines

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  • Monero leads the major cryptocurrencies in declines after shedding at least 3% in the Asian session on Thursday.
  • Monero is pressing down after filing to clear $74 level resistance; downtrend is likely to test $70.00 support.
  • Technical indicators are currently adjusting to the reversal motion hinting that more declines will dominance the coming sessions.

The bear action is in full swing mode at le

ast for Monero. With declines rising as high as 3% during the Asian trading session on Thursday, XMR is the leader among the biggest losers. After opening the session at $74.2199, the bears thrust Monero further down to lows around $71.97. The high formed at $74.44 immediately after the opening session is now in the rearview as the crypto seeks to explore more of the downside.

Looking at the 4-hour chart, Monero managed to force a reversal on finding balance at the main trendline support. The recovery stepped past the resistance at $74 but failed to test the simple moving average resistances. The SMA 100 is hindering growth at $75.032 while SMA 200 is standing in the way at $75.31. The ongoing reversal broke below another intermediate trendline (dotted) and is likely to retest $70 if the downtrend continues.

Technical indicators are currently adjusting to the reversal motion. The Relative Strength Index (RSI) is heading south after breaking the ascending pattern. At the same time, the Moving Average Convergence Divergence (MACD) has been barred from accessing the positive region even though it has forged a recovery from -0.8351. The growing bearish divergence is a key signal for the rising selling influence.

XMR/USD 1-hour chart

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BEWARE OF MICROSOFT WINDOWS MALWARE, WARNS SINGAPORE REGULATORS

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The Rundown

  • Windows-Based Banking Machines Pose Risks for Attack
  • Microsoft Windows 7 Holds Biggest Risk of Mining Malware
  • Monero Mining Loses Profitability

The Monetary Authority of Singapore (MAS) has recently issued a warning to financial institutions after 4 high-risk bugs were found in Microsoft’s Windows system.

WINDOWS-BASED BANKING MACHINES POSE RISKS FOR ATTACK

The Monetary Authority of Singapore (MAS) has warned of critical risks to legacy financial systems after Microsoft announced a patch of 49 bugs found in its Windows 7 system. The 4 main vulnerabilities, CVE-2020-0601 CVE-2020-0609 CVE-2020-0610 and CVE-2020-0611, affect all Windows users. It has been urged that all users update their systems with this latest patch.

The Cyber Security Agency of Singapore (CSA) outlined the severity of these vulnerabilities, according to an article by CIO.

… successful exploitation of CVE-2020-0601 vulnerability could have allowed attackers to conduct man-in-the-middle attacks and further decrypt confidential information on user connections to the affected software.

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If the other three vulnerabilities were successfully exploited, attackers could perform remote code execution and take control of the affected systems. With these controls they can perform malicious activities, unauthorized installation of programmes. Further, they could have created rogue administrator accounts to view, change or delete data.

So far, Windows-based systems have not exposed private keys, but the threat lies in using veiled Monero mining software. Examples include .wav files, as well as .jpeg. In one of the latest cases, a Taylor Swift photo was used to deliver a malicious payload.

MICROSOFT WINDOWS 7 HOLDS BIGGEST RISK OF MINING MALWARE

But with more recent versions patched, Windows 7 usage remains one of the big risks. Daniel

Goldberg, a senior cybersecurity researcher at Guardicore Labs, views the system as wide open to attacks.

“The risks are crazy high to organizations facing this WAV-based attack if they are running a Windows 7 system after EoL,” Goldberg said for Forbes, “…before the quarter is over, there will be other vulnerabilities discovered in Windows 7 too that will not be fixed by Microsoft and will also be easy to exploit.

The chief advice to mitigate the risk is to leave all Windows 7 machines offline, if they are critical. Exposure to the Internet means the machines can be exploited.

In a more recent Forbes article, Microsoft has released a statement advising 400 million of its customers to buy new PC’s instead of updating their existing Windows 7 software.

MONERO MINING LOSES PROFITABILITY

While crypto mining Monero is becoming increasingly less profitable, it may have a positive impact on the level of malware that’s distributed over the course of this year. In 2020, the relatively low price of XMR coupled with an altered mining algorithm, may mean that malware attacks become less popular. Even large botnets running mining software will likely struggle to make decent returns. With XMR at around $64.68, previous incentives to mine are starting to diminish.

Additionally, in the past the Monero network has shown high mining activity, which turned out to belong to specialized rigs. Currently, it is uncertain what causes the record levels of Monero mining, which is now amenable to some of the new and fast generations of processors. The Monero network hashrate is at 1.21 GH/s a small fraction of the activity for Ethereum (ETH) or Bitcoin (BTC).

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Monero’s biggest challenge going forward would be adoption

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While Monero is one of the go-to coins with respect to privacy, the leading cryptocurrency has, however, faced several hurdles over the past few years because of the same aspects. Alexander Blair aka Snipa, the lead maintainer of Monero, recently spoke about the challenges Monero would face going forward.

Snipa said that the biggest one would be the cryptocurrency’s adoption, adding that there would be competitors in the space and that it would be hard to get vendors to accept Monero directly, instead of through exchange-based services. He went on to say,

“It is still easy to buy things with Bitcoin if you’re not in the United States, but it’s not really in strengthening the cycle of the currency right. You’re just essentially using a third party cut out to hit an exchange versus actually using Manero and keeping Monero’s currency cycle.”

About Monero’s technical details, Snipa claimed that the team is currently looking into “figuring out repository layouts,” matters relating to maintenance, and aspects that the team has not looked into before.

“Certainly, there’s

some security to be restored and faith to be restored with people after the hack […] but we want to make sure this doesn’t happen again and so rebuilding that for you that I think it’s going to be a big thing over the next couple weeks.”

Subsequently, Snipa also spoke about his views on the future of the cryptocurrency, whether he saw the coin rule the entire market. Snipa said that there is no one currency that would rule them all, adding that even in the sci-fi ideals of the world, “it’s not one currency, there’s always multiple currencies.”

“The idea that a single currency is going to be better than the rest is completely absurd to me […] Certainly, in some ways you can consider the fact that bitcoin is a transparent ledger where you can see how funds are flowing is actually a positive in a lot of use cases, it’s not a positive in every use case which is somewhere Monero shows off.”

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Monero’s ‘Fluffypony’ Talks On Crypto ‘Primetime’

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  • The well-known privacy coin Monero is notorious for being a unique cryptocurrency in a space filled with copycats and lookalikes.
  • When Fluffypony, otherwise known as Riccardo Spagni stepped down from lead maintainer position of the crypto project, the community began a debate between members. 

The well-known privacy coin Monero is notorious for being a unique cryptocurrency in a space filled with copycats and lookalikes. When Fluffypony, otherwise known as Riccardo Spagni stepped down from lead maintainer position of the crypto project, the community began a debate between members. 

Spagni’s position at the project has now changed to Snipa, adding that Spagni would “continue to remain active in the community as a maintainer,” according to an official announcement.

Spagni further went onto talk about his reasoning for stepping down in his position. The maintainer stepping down from such a position wasn’t just all of a sudden though. In fact, he has been thinking about it and talking about the matter for around two years.

“I’ve been going through this process of relinquishing

things, it’s not so much like relinquishing that entirely so if I had access to something, I’ve now added someone else to that thing you know whether it’s the domains or cloud play or whatever, there were people who could gain access to it.”

Fluffypony further went onto talk about where Monero was in terms of its status and whether it was ready for ‘primetime’. He then further added that there was a lot more work that needed to be done in regards to the UX.

“The cryptocurrency universe is not ready for primetime but I think that we’re getting close and I think if you look at like the Monero UX talk […] the work that’s being done on like Lightning wallets, we’re definitely getting better and better each time and with each iteration, with each passing year.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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