Topic: Monero Faces Extended Pullback (Read 226 times)
The graph shows us that there were worse days with Monero just recently. I think there is nothing so unusual with Monero's decrease in price. It is not even a huge decrease. News surrounding its decrease may be true but not something significant enough to pull its price much lower than most of the other altcoins are losing right now. These news may not even the reason why Monero is having this drop in price. Other altcoins are also going through the same condition.
This has proved to be quite an accurate pick.
I'd say the reason why XMR is currently extremely bearish while other coins such as ETH and XRP has made some bullish moves is the fact that its main selling point is anonymity, which is exactly what new regulations such as the FATF regulations are trying to circumvent.
At the end of the day, the XMR blockchain will survive, but obviously people will be less encouraged to adopt and invest into the coin, especially when you are looking at exchanges such as Okex apparently looking at delisting XMR, ZEC and the like from their trading platform altogether.
Long term, I'm still bullish though. XMR technology is excellent.
I'd say the reason why XMR is currently extremely bearish while other coins such as ETH and XRP has made some bullish moves is the fact that its main selling point is anonymity, which is exactly what new regulations such as the FATF regulations are trying to circumvent.
At the end of the day, the XMR blockchain will survive, but obviously people will be less encouraged to adopt and invest into the coin, especially when you are looking at exchanges such as Okex apparently looking at delisting XMR, ZEC and the like from their trading platform altogether.
Long term, I'm still bullish though. XMR technology is excellent.
Escrow so you think now is not a good time to invest in Monero specifically or any coin? I would say Monero is the one of the few that is least likely to follow the pattern of Bitcoin,,, but overall all crypto moves together with BTC.
I am always getting more Monero,,, but in much smaller proportions to BTC. I think opposite,,, now is a good time.
I am always getting more Monero,,, but in much smaller proportions to BTC. I think opposite,,, now is a good time.
I don't see anything unique about Monero's price fluctuation since it's going through the same route as how BTC goes down, together with other alts. I'm wondering if any coins that are on a downward spiral can get themselves on alternative IEO's which is better for traders since they always buy low and sell high, plus it will help drive more volume to the coin. Either the investors go on a panic mode or withstand this support level.
XMR is good for long-term hodlers and TA's shows this period to bring us a huge return in the near future. It did a pretty good job maintaining its market value despite of the huge volatility that is currently happening.
XMR is good for long-term hodlers and TA's shows this period to bring us a huge return in the near future. It did a pretty good job maintaining its market value despite of the huge volatility that is currently happening.
https://whaleagent.club/monero-is-facing-an-extended-pullback/
Monero is crashing hard alongside the rest of the market but its pullback could be significantly worse.
It is like a string all pulling and crashing down together with Bitcoin, there's no question with that. A bounce back might get a little tough as this coin is not as strong as BTC. Not a good coin to invest to, for now. Monero is crashing hard alongside the rest of the market but its pullback could be significantly worse.
I'm unsure how privacy coins will fare in the future. Certainly they will always have a place, but it seems likely that on the road to mass adoption, as crypto comes up against government opposition, then privacy coins might be one of the first things that get legislated against. I'm not sure if this limits their potential for growth, or whether there will be sufficient backlash that the privacy coins can soar.
They could have been re-testing their bottom again, almost all altcoins are still way below of their previous all time high, I'm guessing around 70%-80%. As for Monero, let's face it, it is a privacy coin that individuals or bad actors can exploit to their advantage. And this is one downside of Monero, because we all know that governments are tightening on everything that is related to crypto. And this could be one reason why investors doesn't want to take risk and invest on any privacy coin, IMHO.
I believed that Monero went on another big test this year already and had retested it's bottom or lower lows for this year already. But with this news though I don't think that it will have a significant effect on the price because they have quickly quelled the news.Now looking at the current price, it is still in the 2 digit, still a good coins for me to invest despite several government attempts to stop this coin. This is a privacy coin, and as such they are really doing a good action for the community. And amongst privacy coin out there, they are still the best no doubt about that.
Same as some people do wish for bitcoin to crash back to $1000 and I keep fighting them on the forum and against that prediction, it is the same way that some Monero lovers would also be fighting me because I am also among people that is wishing that Monero could drop to at least $10 because I am hoping that one day, I would be able to buy more of this coin at a very cheaper rate despite the fact that I bought some already also at very high price already.
Monero is really a great project and I am sure that Monero will have a history of getting up to $1000 too in future, maybe in 10 years’ time, so we should not worry about the decline we see now, this is how majority of altcoins are also decreasing in price also till their own time to pump comes during alts.
Monero is really a great project and I am sure that Monero will have a history of getting up to $1000 too in future, maybe in 10 years’ time, so we should not worry about the decline we see now, this is how majority of altcoins are also decreasing in price also till their own time to pump comes during alts.
This is a comment from the author of this article. Perhaps this is FUD that has made XMR plummeted in the past day.
"Cybersecurity firm Varonis has discovered a new encryption virus to exploit the Monero cryptocurrency (XMR), potentially avoiding detection.
Named "Norman", one of its key features is closing the cryptocurrency mining process in response to users opening Task Manager. "
"Cybersecurity firm Varonis has discovered a new encryption virus to exploit the Monero cryptocurrency (XMR), potentially avoiding detection.
Named "Norman", one of its key features is closing the cryptocurrency mining process in response to users opening Task Manager. "
Thats no FUD, that virus / malicious malware exists and is doing damage. But i doubt its the sole reason for the decline.
Link : https://www.coindesk.com/new-malware-miner-sneakily-hides-when-task-manager-is-open
But lets face it, a lot of altcoins are currently facing an extended pullback. I guess the bottom has just not been reached yet for most altcoins
or they are facing a re-testing of their bottom.
They could have been re-testing their bottom again, almost all altcoins are still way below of their previous all time high, I'm guessing around 70%-80%. As for Monero, let's face it, it is a privacy coin that individuals or bad actors can exploit to their advantage. And this is one downside of Monero, because we all know that governments are tightening on everything that is related to crypto. And this could be one reason why investors doesn't want to take risk and invest on any privacy coin, IMHO.
Monero Faces Extended Pullback
Monero faced pullback at end of June, from that time it tightly holds Bitcoin. So whatever Bitcoin does also Monero does. You can see that on CMC https://coinmarketcap.com/currencies/monero/
This is a comment from the author of this article. Perhaps this is FUD that has made XMR plummeted in the past day.
"Cybersecurity firm Varonis has discovered a new encryption virus to exploit the Monero cryptocurrency (XMR), potentially avoiding detection.
Named "Norman", one of its key features is closing the cryptocurrency mining process in response to users opening Task Manager. "
"Cybersecurity firm Varonis has discovered a new encryption virus to exploit the Monero cryptocurrency (XMR), potentially avoiding detection.
Named "Norman", one of its key features is closing the cryptocurrency mining process in response to users opening Task Manager. "
Why would a Microsoft vulnerability and we know for decades that they cant make proper OS, influence Monero price? They have to fix it so computers that run windows cant be hijacked. Such news should influence Microsoft share price. But no one really cares about that.
This is a comment from the author of this article. Perhaps this is FUD that has made XMR plummeted in the past day.
"Cybersecurity firm Varonis has discovered a new encryption virus to exploit the Monero cryptocurrency (XMR), potentially avoiding detection.
Named "Norman", one of its key features is closing the cryptocurrency mining process in response to users opening Task Manager. "
"Cybersecurity firm Varonis has discovered a new encryption virus to exploit the Monero cryptocurrency (XMR), potentially avoiding detection.
Named "Norman", one of its key features is closing the cryptocurrency mining process in response to users opening Task Manager. "
Thats no FUD, that virus / malicious malware exists and is doing damage. But i doubt its the sole reason for the decline.
Link : https://www.coindesk.com/new-malware-miner-sneakily-hides-when-task-manager-is-open
But lets face it, a lot of altcoins are currently facing an extended pullback. I guess the bottom has just not been reached yet for most altcoins
or they are facing a re-testing of their bottom.
Not fair to analyze Monero as completely separate asset this time, BTC went down and the whole market went with it.
I am not surprised with the Monero price action, this was exactly what i was awaiting, the resistance - support level which have been there already several times - ~80$ level.
I am not surprised with the Monero price action, this was exactly what i was awaiting, the resistance - support level which have been there already several times - ~80$ level.
This is a comment from the author of this article. Perhaps this is FUD that has made XMR plummeted in the past day.
"Cybersecurity firm Varonis has discovered a new encryption virus to exploit the Monero cryptocurrency (XMR), potentially avoiding detection.
Named "Norman", one of its key features is closing the cryptocurrency mining process in response to users opening Task Manager. "
"Cybersecurity firm Varonis has discovered a new encryption virus to exploit the Monero cryptocurrency (XMR), potentially avoiding detection.
Named "Norman", one of its key features is closing the cryptocurrency mining process in response to users opening Task Manager. "
https://whaleagent.club/monero-is-facing-an-extended-pullback/
Monero is crashing hard alongside the rest of the market but its pullback could be significantly worse.
Monero is crashing hard alongside the rest of the market but its pullback could be significantly worse.
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