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- 4.3% of the total Monero extract comes from illegal extraction malware.
- Cybercriminals use cryptocurrency focused on privacy for illegal purposes.
- Forward support: $ 48.66, $ 46.22, $ 42.75, $ 41.82, $ 40.68, $ 38.31.
- Forward Resistance: $ 51.10, $ 54.12, $ 58.22, $ 60, $ 67.01, $ 69.21, $ 70.21, $ 74.82
Latest news Monero
Monero is a cryptocurrency focused on privacy which allows users to transfer funds anonymously through the network.
Because cryptocurrencies like Bitcoin are based on a public ledger, transactions can usually be traced to their owners via blockchain forensics. Monero it fights this by protecting the important aspects of the blockchain from public opinion, so that forensic experts can not follow the transactions.
However, this anonymous nature has also given rise to a new wave of cybercrime. The latest incident concerns a wife of a Norwegian millionaire, Tom Hagan, who was abducted from her home and who has disappeared since October 31, 2018.
Tom Hagan, the 172st richest man in Norway with a net worth of about $ 200 million, had returned home to an empty house to find a note requesting a redemption for a total of 9 million euros to be paid in the Monero cryptocurrency for the release of his wife.
The note said that his wife, Anne-Elizabeth Falkevik, would be murdered if the police were involved.
Recent search from the Universidad Carlos III of Madrid and from the King & # 39; s College of London it emerged that the cyber criminals have used the mining malware to extract more than 4.3% of the entire supply of Monero through the illicit extraction.
The 4.4 million malware sampled in the research found that over 1 million of them were malicious miners. The total figure of Monero mines is estimated at around $ 57 million, depending on when the criminals were cashed. Surprisingly, the malware was found distributed mainly through legitimate services like Dropbox or GitHub.
We continue to take a look at the XMR / USD market in the recent period and continue to highlight any potential areas of support and resistance.
XMR price analysis
Monero has seen a sharp decline in prices of around 9.28% in the last 24 hours of trading, bringing the current trading price to around $ 48.68 at the time of writing this article.
Monero is now ranked 13th as it currently holds a market capitalization value of $ 817 million. The cryptocurrency has seen a price fall of 51.72% over the last 30 trading days while the 56-month project now trades at a value of 90% lower than the all-time high price.
Looking at the 4-hour chart for XMR / USD above, we can see that Monero kept trading below our previously identified support at the 1,414 Fibonacci Extension (drawn in purple) down at a price of $ 41.82 to reach the annual price of $ 38.31.
After the price action had reached this level of support, the market continued to rebound and recover from the resistance provided by the downward Fibonacci level to -236 (drawn in orange) for $ 58.22. This level of Fibonacci retracement is measured by the peak observed in November 2018 at the minimum observed in December 2018.
After touching resistance, the market continued to fall slightly below the short-term level .618 Fibonacci Retracement (drawn in green) for $ 46.22, before rebounding higher once again.
XMR / USD fell on January 10, partly due to lower prices for BTC / USD, and is now trading in support provided by the short-term level .5 Fibonacci Retracement (extracted in green) for $ 48.66 .
Trend: neutral
Although price action has declined significantly, the market trading condition is still neutral, as price action operates within the confines of the previous highest swing.
In order for this market to be considered bearish, we should see the price cut below the $ 45 handle.
Where's the support located under $ 48.66?
If sellers continue to push the price trend down, we can expect further support for the downside to be localized in the short term. 618 Fibonacci Retracement level (drawn in green) for $ 46.22.
A further support placed below the $ 45 handle can therefore be expected in the short term .786 and .886 Fibonacci retracement level (drawn in green), with a price of $ 42.75 and $ 40 respectively. 68.
The final level of support to highlight is in 2018 at a low price at $ 38.31.
Where will the market meet resistance towards the high?
If the bulls are able to regain momentum and push higher the price action, we can expect the immediate resistance above to be at the Fibonacci retraction levels (382 and 366) in the short term, respectively at $ 38.10 and $ 54.12.
An additional resistance can be expected above the downside of Fibonacci .236 (drawn in orange) for $ 58.22.
If buyers can continue to exceed the $ 60 limit, a higher resistance can be found at the short-term Fibonacci extension level of 1,272 (drawn in purple) for $ 67.01. This is followed by the Fibonacci .382 retracement level (drawn in orange) for $ 69.21.
If the bullish momentum continues above the $ 70 handle, then a further resistance will be found in the short-term levels 1.414 and 1.618 Fibonacci Extension (extracted in purple), with a price of $ 70.21 and respectively $ 74.82.
Conclusion
The battle between privacy and security is a heated debate. However, privacy-centric cryptocurrencies create the ideal foundation for cybercriminals as they are able to remain anonymous and collect their criminal activities in a secure manner.
It is important to remember that it is not Monero's fault but only a problem that, unfortunately, arrives with the territory.
