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Monero price analysis: XMR takes a leap forward to $248 as bullish momentum intensifies

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  • Monero price analysis shows strong bullish signs.
  • Resistance is found at $249.
  • XMR found support at $233.

The Monero price analysis for today favors the bullish side of the market. XMR/USD pair price break up was upwards at the start of the session, and XMR bulls pushed the price through two different resistance levels at $234, followed by $235 successfully in a swift move.

Monero gained a value of around six percent due to the spike in price today, which is a major achievement for the cryptocurrency, though still XMR/USD shows a minor deficit in value over the last seven days; this is due to the steep plunge of 24th September, when XMR price stooped as low as $233. Overall, September proved extortionate for the coin, as the price trend line is downwards during this period of time, but today’s spike provided good support to the cryptocurrency.

XMR/USD 1-day price chart: Crucial resistance ahead

The 1-day price chart for Monero price analysis shows a significant improvement in price as bulls rally ahead. Today XMR bulls victoriously reclaimed three fallen supports of $235, $236, and $248. As XMR is crossing the $248 level at the time of writing, ahead is the most crucial resistance of $249. Today bulls pushed the price above the moving average and also above the Bollinger bands’ mean line, marking a bullish crossover, so we can confidently say the said resistance might also be conquered.

Monero price analysis: XMR takes a leap forward to $248 as bullish momentum intensifies 1
XMR/USD 1-day price chart. Source: TradingView

The volatility is mild for XMR/USD as the upper Bollinger band is present at the $278 mark, and the lower band is present at the $217 mark; the mean average of the Bollinger bands is forming below the price level with a difference of a few decimals at the $248.01 mark.

The relative strength index (RSI) is in the center of the neutral zone on an upwards trend at the 48 index due to today’s positive market sentiment. The indicator shows a strong buying activity at the moment, and also further room for more buyers to explore the market. Thus a further indication of the bullish trend and more prospects for the cryptocurrency.

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The MACD indicator also observed a bullish crossover for the first time after a month of the bearish trend; as can be seen, the histogram turned green today, and the first green bar appeared due to the marvelous bullish efforts of today covering losses of many past days.

Monero price analysis: Will bulls consolidate for a further rally

The 4-hour chart for Monero price analysis shows, today the market was regulated by bulls throughout, except for some weak efforts from the bearish side when bears tried to intervene in the price function but were rejected soon, and bulls continued their endeavor.

Monero price analysis: XMR takes a leap forward to $248 as bullish momentum intensifies 2
XMR/USD 4-hours price chart. Source: TradingView

The volatility is increasing on the 4-hour chart as the Bollinger bands are expanding with the mean line far below the price level, showing positive indications for the coin. The relative strength index (RSI) has also gone near the overbought zone and is present at the 60 index, while still on an upwards trend. The RSI is suggesting the entrance of more and more buyers into the market.

The moving average (MA) is below the price level at $240 on the 4-hour chart and at $238 on the 24-hour chart. The short-term MA10 and MA20 favor the bullish side, and the exponential moving average EMA10 and EMA20 also favor the bullish side, whereas EMA30 favors the bearish side.

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Monero price analysis: Conclusion

The 4-hour and 24-hour Monero price analysis and technical indications suggest the XMR/USD is recovering well after a consistent downward trend of the past days. We can safely assume the price of the XMR/USD pair to touch the $250 level in the coming hours.

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Monero multisignature wallet code compromised

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  • A bug has been identified in the monero multisignature code.
  • Customers’ funds could be at risk if they transact with untrusted parties.
  • The monero team is working to find a solution as soon as possible.

The users and participants of the Monero ecosystem have been alerted to inconsistencies in the network. According to binaryFate, a Monero developer, several vulnerabilities have been identified in implementing Monero multi-signature wallets. 

The vulnerabilities have not affected the organized principles behind the system. The threat has compromised the wallet code implementing multisigs. The vulnerability was first released through the vulnerability response process. Key developers and MRL contributors have been informed about this issue. 

There have been ongoing discussions on it. The team decided it was better to inform the public for security purposes. The community has received the news well, praising the network’s transparency.

Monero vulnerability interferes with multisignature creation and signing
Monero multisignature wallet can form, sign, and submit transactions as a group. The number of signatures needed to sign a transaction varies depending on the type of wallet. The figure may be less or equal to the number of copayers of the wallet. The current threat can interfere with multisignature wallet formation. Additionally, it can affect multisignature transaction signing. The bug can cause funds to be stolen by one of the signing parties.

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Customers are urged to stay away from multisignature transactions if possible. The team reassured people to stay calm as the solution would come on board soon.

Still, if the multisignature parties trust each other, they can perform transactions. It is worth noting that funds are not at risk when they stay intact. If the wallet-creation process is not abused, then all is well. The team expects to come up with a solution within the week. They expect to give customers feedback.

There are trillions of dollars invested in blockchain-based cryptos. According to reports, the market is estimated to be worth over $3 trillion. There are vulnerabilities associated with blockchain, but they are not as widely recognized. Blockchain is often touted as safe and unhackable. But there are many threats associated with digital assets.

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Understanding Multisig wallets
Multisignature wallets (multisig) came about to increase security. They prevent crypto wallets from being tampered with by hackers. They work with a similar concept as bank vaults. The vaults require more than one key to gain access.

Multisigs are not any different. They require more than one key to unlock. More than two private keys are necessary to send a transaction. Therefore, this digital signature form allows users to sign documents as a team. The storage method requires a private key’s unique fingerprint to access the wallet.

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Big enterprises warned of a new Monero malware targeting networks

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  • The Tor2Mine spreads extremely fast across systems that can’t be eliminated by patching or cleaning one system.
  • The miner malware continually attempts to reinfect other systems on the network even if the “command-and-control server for the miner has been blocked or goes offline”.

The crypto space has been subject to a lot of malware attacks and a new Monero-miner crypto-malware is targeting big enterprise networks. Cyber security firm Sophos has recently released the details about the new variant of the Tor2Mine malware.

As per the latest report, the new variant of the Tor2Mine crypto-miner is affecting company networks big time for the mining of privacy coin Monero (XMR). The intrusions by previous variants were limited in scope, however, Sophos notes that the latest variant goes further.

In a detailed explanation, Sophos threat researcher Sean Gallagher said: “All of the miners we’ve seen recently are Monero miners”. The researcher explains that the new variant of Tor2Mine crypto-miner malware exploits the holes in network security.

It specifically targets systems with limited security features, involving some antivirus and anti-malware software. After installing on a server or a computer, the malware hunts for other systems to install its crypto miner for maximum profits. The official blog post from Sophos reads:

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Tor2Mine uses a PowerShell script that attempts to disable malware protection, execute a miner payload and harvest Windows credentials. Using those credentials, Tor2Mine can spread itself, and will continue to re-infect other systems on the compromised network if not completely eradicated and malware protection is not present.

The fast spread of Tor2Mine makes it difficult to remove

One of the biggest concerns with Tor2Mine is it difficult to catch says Gallagher. “Once it has established a foothold on a network, it is difficult to root out without the assistance of endpoint protection software and other anti-malware measures,” he added.

Gallagher further added that Tor2Mine spreads laterally from the initial point of compromise. Thus, it can’t be eliminated just by patching or cleaning one system. The miner continually attempts to reinfect other systems on the network. This happens even if the “command-and-control server for the miner has been blocked or goes offline”.

Mining malware applications usually generate far less revenue than other attacks. Thus, they usually tend to spread fast to attack as many systems as possible to make the most profit.

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Gallagher says that one must identify some key traits to find out if they are victims of the attack. For e.g. there’s unusually heavy use of the processing power, reduced performance, or higher than usual electricity bills.

Privacy coin Monero (XMR) has been a good target for attackers and cybercriminals. This is because the Monero wallet addresses and transactions are difficult to trace. This is because Monero uses ring signatures and stealth addresses. This completely hides the identities of the sender and the receiver.

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Someone could be mining monero (XRM) on your company’s computer

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Okay… We already know: your blockchain is unassailable. But you still need to update your antivirus software. If not, this monomer miner (XMR) could snap up your network.

In a new report published by cybersecurity firm Sophos, which has more than 500,000 companies as its customers, it claims that a new variant of the crypto miner Tor2Mine is infecting computer networks to mine XMR, a popular privacy cryptocurrency known to be difficult to track.

“All the miners we’ve discovered recently are monero miners,” Sean Gallagher, a threat researcher at Sophos and author of the report, said in a telephone interview with Decrypt.

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According to Gallagher, malware looks for holes in a network’s security, often in the form of systems that have not had their security features (including antivirus or anti-malware software) updated or patched.

When installed on a server or computer, malware will look for other systems to install its crypto miner to realize maximum profits.

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Hacks remain a major concern for projects from Decentralized Autonomous Organizations (or DAOs) and Decentralized Finance (or DeFi), which are more vulnerable to more than intrusions into autonomous contracts.

This Thursday (2), BadgerDAO was hacked and lost $120 million in a breach of its interface, according to cybersecurity company PeckShield.

“Once a foothold is established on a network, it’s difficult to eliminate it without the assistance of software with protection parameters and other anti-malware measures,” said Gallagher.

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Monero and Esperanto

“Since it spreads laterally and away from the compromised starting point, it cannot be eliminated just by fixing and cleaning a system. The miner will continue to try to reinfect other systems on the network, even after the command and control server for the miner has been blocked or shut down.”

In other words, Tor2Mine quickly spreads to all systems on a network, installing the crypto miner wherever it can, meaning it’s not easy to remove.

By generating far less revenue than other attacks such as ransomware, mining malware applications need to infect as many systems as possible to make the intrusion worthwhile.

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Gallagher told Decrypt that one sign that a system is infected is unusually high processing power usage, reduced performance, and higher-than-normal electricity bills. It’s like you’re mining crypto yourself.

Monero, which means “currency” in Esperanto, has become the favorite of cybercriminals because of its many privacy features that make tracking difficult, unlike bitcoin (BTC) and ether (ETH).

Wallet addresses and transactions on Monero are difficult to track because of the use of “circular signatures” (or “ring signatures”) and untraceable addresses (or “stealth addresses”), which hide the identities of both the sender and the recipient.

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Sophos recommends fixing vulnerabilities in systems exposed to the internet, such as web applications, virtual private network services (or VPNs), and email servers, and installing anti-malware products to make them far less likely to be hacked.

While Sophos develops its own products, Gallagher only suggested one type of protection: “Any antivirus is better than no antivirus.”

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