Monero Price Analysis for March, 24th – XMR Aiming At Further Correction

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

On Tuesday, March 24th, the XMR keeps bouncing off, generally trading at 45.38 USD.

On D1 of the Monero, the last declining impulse has reached the support level of the descending channel. After a test of the support line, the quotations have started a bounce for a correction. By now, the pullback has reached 23.6% Fibo and is heading for 38.2% (52.98 USD) and 50.0% (61.28 USD). However, it should be clear that the main descending scenario is not over yet. This is confirmed by the MACD lines. After the pullback is over, we may expect a new wave of decline to the current low of 26.10 USD, and after it is broken out – to the psychologically important low at 5.00 USD.

Monero (XMR) price analysis chart

On H4 of XMR/USD, the correctional phase may be seen in more detail. It is developing as a consistent ascending channel. The support is at 38.19 USD, the resistance is at 54.00 USD. The end of the correction will be signaled by a breakout of the support level and simultaneous forming of a Black Cross on the Stochastic.

Monero (XMR) price analysis chart

A group of frauds hiding behind a bot named Stantinko developed new methods of mining the Monero on the PCs of its victims. According to the research of a Slovak company ESET which is aiming at the creation of a safe environment in the Net, the Stantinko bot uses unique technology for hidden mining. It might be controlling up to half a million computers.

There are at least 5 ways that frauds use for unlawful mining. The most complicated one of the options we know is the creation of a code of a line that builds in the computer memory and harms it. The lines included in the module may not be used for some exact goal but easily deceive antivirus programs. For this code to be harder to detect, frauds use the so-called dead code. It seems strange but the XMR has become especially preferred by cryptohackers. Some 4% of its overall volume is considered to be mined unlawfully.

However, not always unknown hackers are blamed for the unlawful mining of the Monero. For example an engineer from Baidu (an analogue of Google in China) went to jail for mining the XMR on the company’s servers. He managed to mine coins for 14,000 USD. He was using about 200 servers in April-June 2018.

Disclaimer: Any predictions contained herein are based on the authors’ 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.