- Monero held firm above $300 despite suffering its largest-ever blockchain reorganization, raising renewed concerns over network security.
- Trading activity and technical indicators point to short-term strength, but volatility risks remain if support at $300 fails.
Monero (XMR) is holding steady above the $300 mark despite facing its largest blockchain reorganization to date, a development that has once again put the network’s security under the spotlight.
Monero Shaken but Not Broken
On September 14, Monero suffered an 18-block reorganization lasting 43 minutes. The event, triggered by Qubic mining pool temporarily seizing over 51% of the hashrate, rewrote 36 minutes of chain history and invalidated 118 transactions. While no confirmed double-spends were detected, the incident has reignited debate over Monero’s proof-of-work algorithm, RandomX, and its ability to prevent centralization.
Researchers have cautioned that users may now need to wait for more than 20 confirmations before trusting transaction finality. This comes after Qubic already tested Monero with a smaller six-block reorganization in August, raising broader concerns about whether other privacy-focused chains could be vulnerable to similar attacks.
Price Action and Market Strength
Despite the network disruption, Monero’s price has shown remarkable resilience. The cryptocurrency surged from $287 to over $308 during the episode before stabilizing near $300. At the time of writing, XMR is trading at $300.87, marking a 5.4% gain in the last 24 hours, a 10% rise over the past week, and a 27% jump in the past 30 days.
Trading activity also reflects increased market interest. Spot volume climbed 25% to $87.5 million, while derivatives volume rose 68% to $61.5 million. Open interest expanded by 5.6% to $44.5 million, signaling that speculation is on the rise, but so too is the risk of heightened volatility.
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Technical Outlook for Monero
Technical indicators suggest near-term strength but also warn of possible pullbacks. XMR is trading comfortably above its 50-day and 200-day moving averages, showing a bullish structure. The relative strength index (RSI) sits at 65, close to overbought territory, while oscillators are sending mixed signals.
The $300 mark is currently acting as strong support. If the price slips below $290, traders may see a bearish retracement. However, a decisive move above $310 could open the door for further gains in the sessions ahead.
Monero’s ability to maintain its price levels despite a historic reorganization highlights both the resilience of its market and the persistent concerns surrounding its security. As traders eye the crucial $300 support, the question remains whether the privacy coin can push higher—or if renewed doubts about decentralization will weigh it down.
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