The developers of Monero (XMR) recently discovered a bug capable of exposing transactions of its users. Even though the team is working to fix it, they have announced that users’ privacy is at risk as long as the bug remains. The Monero team made this announcement through their official Twitter account.
They called it a “significant bug,” which they claim to have discovered in the crypto’s “decoy selection algorithm” This algorithm is a system that the network uses to hide output transactions within 10 decoys.
A Brief About The Bug History
The developer who discovered this bug was Justin Berman, a software developer. He noticed that the bug makes it easier for output transactions to become visible as real spend among the 10 decoys. Once the user spends money after a lock time in the first 2 blocks or spends money after receiving money, the transaction will be visible.
When Justin discovered the bug, he stated that there is no risk of exposure for addresses and transaction amounts. However, it will enable users to know when a transaction occurs on the crypto. According to the developers’ statements, the bug won’t facilitate the stealing of funds, but it has remained in the wallet code.
Another Monero (XMR) contributor mentioned on Reddit that the Monero bug impacts past transactions. So, Monerao developers recommend that its users should wait for one hour or more after receiving XMR before spending it.
Monero (XMR) follows an uptrend on the daily chart as crypto market floats in the green zone | Source: XMRUSD on TradingView.com
That way, they can protect their privacy pending when there will be a wallet software update to reduce the privacy risks. Also, the developers assured the community that they don’t need to carry out a hard fork or full-scale network upgrade to tackle the bug.
Monero (XMR) Network
The Monero network joined the industry in 2014. It is a crypto that focuses more on the privacy of its users. Monero’s goal is to provide a system where crypto users can complete private transactions that no one can trace. The network uses unique cryptography to keep transactions 100% unlinkable and untrackable.
The crypto maintains a significant rank in the crypto industry based on its Market Cap and has been the largest amongst privacy-centered digital currencies. At press time, the XRM price stands at $263. This price represents a 4% gain in 24 hours of trading based on TradingView data.
Before now, our sources have mentioned that many financial regulators’ eyes are on Monero. These agencies have done several things to break the privacy that characterizes their transactions.
For instance, in 2020, the Internal Revenue Service of the United States announced a $625,000 award for any person who can crack the transactions occurring on Monero and also on Bitcoin’s Lightning Network, another privacy-centric network.
Monero price analysis: XMR slips down to $284. Do bulls stand any chance?
- Today’s Monero price analysis shows bearish momentum.
- Strong support is found at $276.
- Strong resistance is found at $291.
The Monero price analysis reveals a continuous second day of bearish momentum. The bears have successfully diverged the bullish uptrend of last week and pulled the price down from $289. The XMR/USD pair is floating at $284 at the time of writing.
The price levels are falling despite bullish efforts, and the support of the $286 has already collapsed and now turned into resistance. Next is the strong support of $276. The resistance is present at $291, far above the price level.
XMR/USD 1-day price chart: will Monero retest the support of $276
The 1-day Monero price analysis shows price levels are descending fast. The bearish momentum is on the go as bears are plunging the price further down. Though last week proved good for the cryptocurrency with a price uptrend, today bears dodged the bullish trend continuously for the second day and are degrading the price.
The moving average (MA) is below the price level at the $270 mark. The volatility is also increasing with the widening of Bollinger Bands, the upper band is at the $290 mark, and the lower band is at the $253 mark. The average of Bollinger bands is at the $271 mark below the price level. All these factors indicate a feasible situation for the coin despite the bearish trend. The relative strength index (RSI) is going down and is showing a score of 59, indicating negative market sentiment.
Monero price analysis: Recent developments and further technical indications
The hourly charts for Monero price analysis show no different scenarios. In fact, the price breakup was upwards today, but then bears took over during the last hours. As can be seen in the 4-hour price chart, the price levels have stooped below the MA value. Now the moving average (MA) is above the price level at the $288 level, indicating a bearish crossover.
The volatility is on a high during the current hours as Bolling bands are expanding vastly, with the upper Bollinger band at the $298 mark and lower band at the $260 mark. The average of Bollinger bands is forming at the $279 mark, representing support for XMR. The RSI has come further down and is in a deep dive but still in the upper half of the neutral zone at index 57.
The technical indicators chart for Monero price analysis shows hopeful signs for traders, with most of the technical indicators indicating buy signals. Out of the total 26 technical indicators, two show sell signals, while nine show a neutral signal, and there are 15 of them showing buy signals.
Moving averages being some of the most important indicators, are also showing strong buy signals with a number of 13, and only one moving average is standing neutral, and one towards the selling side. The Same is the situation of the oscillators with two buy signals and eight neutral while only one oscillator is giving a sell signal.
Monero price analysis: Conclusion
The entire technical timewise Monero price analysis indicates a not-so-bad picture for the crypto asset. There seems to be selling pressure in the market for XMR/USD pair, as traders are in fear of a pullback and booking profits. XMR is expected to remain bearish for the next 16 hours.
Monero price analysis: XMR price recovers to $266 after gaining bullish support
- The price has been recovered up to $266.
- Monero price analysis shows bullish trend.
- Support is found at $250.66 level.
The latest Monero price analysis shows that the price has undergone revival once again after the green candlesticks reappeared on the candlestick chart. The price experienced a constant downfall in the prior week as a downtrend was at its peak. Nevertheless, the bullish momentum has been recovered today and the price has been able to rejoin its former level i.e. $266.8. The price might top its current position in the upcoming hours as well.
XMR/USD 1-day price chart: XMR finds recovery at $266 after bullish comeback
The one-day Monero price analysis is confirming an upturn in price as the bulls have been able to find their way to recovery. The XMR/USD value has been revived once again as the price can be spotted at $266.5 level. The bears had been leading the market in the previous week, but now the bullish momentum is resurging. The moving average indicator (MA) is showing its value at $266.5 in the one-day price chart.
A crossover between SMA 20 and SMA 50 resulted in the past few days, because of the upward trend. The upper Bollinger band is present at the $286.50 mark whereas the lower Bollinger band is present at $250.66 mark. The Relative Strength Index (RSI) indicator is declaring an increase in the score up to 51.56.
Monero price analysis: Uptrend enables price to take over $266.11 resistance
The four hours Monero price analysis confirms that a bullish trend has been following for the last four hours. The trending line is moving ascendingly as the price has been rising constantly for the past few hours. The price has been able to overcome the resistance present at $266 as well and is currently settling at $266.5. Moving on, the moving average value in the four hours price chart is standing at $260.4.
The Bollinger bands indicator is dictating an average of $258.10. Whereas its upper value is resting at $266.11 position and the lower value is at 4250.09 position. The RSI score has improved up to 58.86 level as well because of the persistent flight of XMR/USD price.
The coin value of XMR/USD upgraded in value to a great extent during the past few months. The technical indicators chart is further confirming the bullish win with a buying signal. There are 13 indicators on the buying position, nine indicators on the neutral position while only four indicators are on the selling position.
The Oscillators are also dictating a significant rise in price with a strong bullish signal. There are 11 indicators that are currently present at the buying position, while three indicators are on the selling and one indicator is on the neutral position. The Oscillators are maintaining neutrality for the day, with eight oscillators at the neutral level, two at the buying level, and one oscillator at the selling level.
Monero price analysis: conclusion
The one-day and four hours Monero price analysis is showing signs of bullish recovery as the price heightened up to $266 in the last 24 hours. The price underwent a constant decline in the previous weeks, but now it is back on track after the bullish momentum was revived. The price will pursue further heights in the upcoming hours as well, which is quite encouraging news for the buyers.
Monero price analysis: Downtrend restricts XMR progression above $271 level
- XMR price faces a decline up to $261.4.
- Monero price analysis shows a downward trend.
- Support is still secure at $236.5.
The Monero price analysis shows the cryptocurrency is facing immense pressure from the bearish side as a downtrend has been following consistently for the past two weeks. The price underwent a decline even today and has moved down to the $261.37 level. Although there had been instances where the price was uplifted, the overall trend that has been observed is on the bearish side. A further drop in price can be expected in the future as well.
XMR/USD 1-day price chart: XMR faces resistance above $261 as bears exhibit control
The price has receded down to the $261.4 level during the last 24-hours which is an alarming sign. The market value of the Monero coin has decreased quite significantly as the price has been declining constantly since the past week. The price has taken a downturn even today, as the bearish momentum is getting stronger. The moving averages indicator is showing its value at $261.4 level for the day.
The volatility has decreased slightly which means that chances of improvement are coming the cryptocurrency’s way. The upper Bollinger band is now settled at the $294.15 mark whereas the lower Bollinger band is at the $236.5 mark. The Relative Strength Index (RSI) score has dropped down to 48 as well.
Monero price analysis: Minimal progress reported as price moves up to $261.4
The four hours Monero price analysis is dictating a subtle rise in price as the bulls are striving to make a comeback. The price has increased up to $261.37 in the last four hours as the bulls are trying to recover back from the loss. A significant drop had been recorded earlier, but now a slight shift in the trends has been observed. The price is still standing far below the moving average value which is found at $266.6.
The SMA 50 curve is still going above the SMA 20 curve which means that the bears are still dominant. The upper value of the Bollinger bands Indicator is at $277.01 whereas their lower value is at $261. The RSI score for the four hours price chart is 34, as it declined drastically as well.
As the price dropped significantly in the past few months, the situation is getting tough for the buyers. The overall indication for the cryptocurrency is bearish, with 12 indicators on the selling position, 10 indicators on the neutral position, and four indicators on the buying position.
The moving averages indicator is confirming the downtrend as well by displaying a strong bearish signal. There are 11 indicators on the selling position, three indicators on the buying position, and only one indicator on the neutral position. The Oscillators are giving out a neutral hint as there are nine oscillators on neutral position while the remaining two oscillators are on selling and buying positions each.
Monero price analysis conclusion
The Monero price analysis concludes a downtrend in price has been recorded during the past 24-hours as the price has lowered down to the $261.4 level. This came as a huge blow for the buyers as they were unable to rescue XMR from the bearish pressure. The price might go down than its current position as well as the four hours chart is displaying red candlesticks as well.