Monero (XMR) Suffers a Significant Setback as Privacy Features Raise Doubts

Monero (XMR) recently suffered a significant setback, raising doubts about its claimed privacy features. A security breach targeted Monero’s community crowdfunding system (CCS) wallet, resulting in the theft of 2,675.73 XMR, valued at around $384,000. This incident, carried out through advanced methods, has deeply unsettled the digital currency community. The concern stems from Monero’s supposed anonymity, which has now been called into question due to this breach.

$XMR going through a tough period as the coin faces security issues for the first time in years https://t.co/mwloGmbeHp

— U.Today (@Utoday_en) November 5, 2023

SlowMist, a prominent blockchain security firm, suggested that the flaw might not be within Monero’s privacy framework but elsewhere in the system, creating uncertainties about the cryptocurrency’s overall security. Moonstone Research’s analysis surprisingly found traceability in the stolen XMR transactions, contradicting Monero’s reputation for transaction obfuscation. This situation highlights the vulnerability of cryptocurrency systems, potentially triggering a bearish trend for Monero.

Monero Critical Levels To Watch: November 1

Monero (XMRUSD) has been in a bullish trend for a long time. The fractal movement to the upside began at the bounce off the diagonal support in August 2023. This bounce was followed by a MSS (Market Structure Shift).

The rally continued until the supply zone reached $172.5000. Apparently, the selling pressure at the $172.5000 supply zone is likely to change the direction of the price. This aligns with the indication of the RSI (Relative Strength Index) as it leaves the overbought region.

Key Monero Levels to Watch – November 5

Resistance Levels: $172.500, $187.5000, $195.6100
Support Levels: 160.1300, $155.6400, $149.3600

XMR Metrics

Total Market Capitalization: $1.27T
 Monero Market Capitalization: $3.1B
 Monero Volume: 87M
 Market Rank: #24

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