Monero Price Analysis: XMR/USD Set for Critical Retest of December 2018 Low; Monero Still Being Mined Using Malware
- The Monero price on Wednesday is seen nursing minor losses of around 1%. However, price action is very much vulnerable to further downside risks.
- XMR/USD price behavior has formed a bearish flag pattern structure, which is subject to further downside risks. The key near-term level of support that would be noted is $42.
Recent Price Behavior
The Monero (XMR) price was seen trading in negative territory on Wednesday, nursing minor losses of just over 1%. XMR/USD has been victim of very mundane trading within a narrowing daily range block-formation. The price moving within this rigid trading range has been observed since 11th January, coming after the chunky double-digit losses on 10th January. The high of this current trading structure is seen at $48, with the low noted at $42. These are the key levels that should be noted; the breach will determine the next likely committed trend.
Given the current price formation detailed above, it does appear that the odds are stacked in the favor of the market bears. The structure could be viewed as a bearish flag pattern formation. If this plays out to the textbook, we should see an extended move south. Eyes for the market bears are on the next major area of support – this is seen down at the December 2018 low of $38.70. If such moves are seen they could be very punishing, as the price one again will be heading into the abyss. These are levels that have not been seen before, which will only spark further FUD.
XMR Continues to be Mined Using Malware
The latest research suggests that major corporations continue to be victims of cryptocurrency mining malware. These hackers are doing this to mine Monero. This information comes from research conducted by a special operations team based in over in the United States. They serve within a cyber-security company known as JASK.
The team detailed how a modified version of Trojan Shellbot is cropping up much more often. This has been the case since its debut back in November 2018. As previously noted by Symantec, “these threats are used to provide a covert channel through which a remote attacker can access and control a computer. The Trojans vary in sophistication, ranging from those that only allow for limited functions to be performed to those that allow almost any action to be carried out. As a result, they allow the remote attacker to almost completely take over control of a computer”.
Furthermore, the findings indicate that the group conducting the attacks is a Romanian hacker group, known as Outlaw. The backdoor used by the group can collect system and personal data, execute termination or run tasks. It can also process or download additional payloads, open remote command line shells, send stolen information to a C2 and receive additional malware payloads from controllers.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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