Monero Faces Bearish Outlook Amid Terror Financing Concerns

Monero (XMR) is under scrutiny as terrorist organizations, including ISIL, increasingly adopt the cryptocurrency for funding. According to the United Nations Security Council’s Monitoring Team, ISIL has shifted from traditional “hawala” systems to using Monero, exploiting its privacy features to raise and move funds anonymously.

In a surprising twist, the Islamic State (IS) group is now advocating for crypto use to support its terrorist activities as long as it follows the tenets of Sharia law, a new report has disclosed.

Compiled by the UN’s Analytical Support and Sanctionshttps://t.co/ByoCusZEXT pic.twitter.com/IYdHL6PE1R

— BitcoinWorld Media (@ItsBitcoinWorld) August 4, 2024

The report highlights that ISIL is soliciting donations through QR codes embedded in their propaganda e-magazines. This development raises significant concerns about the potential for Monero to be associated with illicit activities, potentially leading to increased regulatory pressures and a bearish outlook for the cryptocurrency. As authorities intensify their efforts to curb terror financing, Monero’s market sentiment may face downward pressure.

Key Monero Levels To Watch – August 5

The XMRUSD chart shows a clear bearish trend, with a CHoCH (Change of Character) below the swing low at $153.60. The impending BOS (Break Of Structure) will confirm the shift in market sentiment from bullish to bearish.

The next major support level is around $133.70, suggesting further downside potential. Additionally, the RSI (Relative Strength Index) is at 30.86, indicating the possibility of an upward retracement, but the overall bearish momentum remains strong.

XMR Key Levels

Resistance Levels: $64.60, $182.20, $195.20 
Support Levels: $133.70, $116.20, $104.90

Market Metrics

Total Market Capitalization: $1.81T
Monero Market Capitalization: $2.62B
Monero Volume: 119.70M
Market Rank: #25

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