Monero (XMR) Gains 7% as Miners Overcome Qubic 51% Attack Concerns
Chainlink (LINK) led a 14% rally over the weekend, while Monero (XMR) gained 7%, surpassing $260 after recovering from a major controversy that caused a 19% price drop earlier in the week due to concerns over a potential network attack.
- Kraken halted Monero deposits amid claims of a 51% attack by mining firm Qubic.
- The incident raised fears of centralization but the Monero network remained stable, with no security breaches reported.
- Community efforts successfully reversed the suspected attack, improving hashrate distribution.
- Monero's price rebounded significantly, contrasting with broader market weaknesses.
XMR Price Analysis
- Technical indicators show XMR recovering from lows near $230, currently testing the $280 resistance level.
- A breakout above $280 could lead to $300, with potential further upside to $320.
- Critical support is at $250; failure to hold may revisit $230 amidst regulatory concerns.
Overall, restored confidence and increased trading volume have positioned bulls favorably for short-term gains despite ongoing market challenges.