Monero Price Analysis for June 19th – XMR Needs Reason To Move

By Dmitriy Gurkovskiy, author at RoboForex Blog

At the end of the week, the XMR activity is minimal – investors are accumulating power, waiting for fresh drivers. The cryptocurrency is generally trading at 63.97 USD.

This week on the XMR/USD, nothing has changed significantly. The pair behaves as other coins do, demonstrating no significant volatility. On D1, the Monero is still going between 50.0% and 61.8% Fibo, while the price remains near the support level of the ascending channel. After the test of the lower border of the channel, the pair may still bounce off, aiming at 61.8% Fibo. The MACD histogram is above zero, while its signal lines are forming a Black Cross, predicting an upcoming decline. Judging by the low volatility of the instrument, the falling may stop at 50.0% Fibo.

On H4, the Monero is forming a minor correction in the ascending channel. Currently, the quotations remain at the support line. Comparing to the previous movements of the pair, it might bounce off the line, aiming at 61.8% of the D1. The Stochastic is forming a Golden Cross, which is another sign of growth. However, the indicator lines have not reached the oversold area, hence, the growth will not be major. The aim of the growth in the nearest future is 70.00 USD.

One of these days, the Monero got in the focus of investors’ attention due to a hacker attack on the Microsoft Azure cloud service. The hackers are said to have been looking for ways of mining the Monero via nodes.

The attack aimed at the nodes containing the Kubeflow toolset meant for Kubernetes machine learning. They had graphic processors in them and were powerful enough for the hackers. The scheme was roughly as follows: the frauds implemented necessary server phrases in the Kubernetes clusters, and the phrases automatically launched cryptocurrency mining programs inside the powerful server. At the moment, we know about several dozens of damaged clusters.

The hackers clutched at the opportunity to attack Kubeflow due to its manual setup. The intrusion is said to have become possible after some users changed certain settings to access the control panel directly via the Internet. This was the loophole for hackers.

This is not the first time when hackers try to use the capacities of large companies for unlawful purposes – Tesla faced this a couple of years ago.

Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.