XMR, a privacy-focused Monero network-powered token, has emerged as today’s top gainer with a 4% rise, keeping the broader crypto market down.
This is when Kraken, one of the world’s biggest exchanges, temporarily freezes its token deposits after the AI-based protocol Qubic claimed it had gained majority control over the Monero Network.
XMR Network Confusion: Qubic charges majority control, Kraken answers
On August 14th, AI-driven crypto mining protocol Qubic claimed it had gained majority control of Monero’s hash power, an event called 51% attack.
Following this, Kraken confirmed that it had suspended Altcoin’s deposits. The exchange describes this move as a precautionary measure that protects users, emphasizing that XMR transactions and withdrawals remain fully operational.
The suspension was lifted a few hours later, but 720 confirmations were required before crediting the deposit.
XMR denies the fear of centralization and records the profits of the record
XMR performance remains strong despite concerns about mining centralization within the Monero Network. XMR/USD Daily Chart measurements show that Altcoin has been closed at new highs since August 16th, indicating that current drama has driven a revival of new demand for XMR.
XMR’s Climbing Relative Strength Index (RSI) reflects the buy-side pressure of this rise. At the time of this writing, this important momentum indicator was 56.49, an upward trend.
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The RSI indicator measures the market conditions for asset acquisitions and overselling. It ranges from 0 to 100. Values above 70 suggest that the asset is over-acquired and paid for a price drop, while values below 30 indicate that the asset is over-sold and may witness a rebound.
The RSI readings of XMR indicate that accumulation is strengthened among market participants, and if the trend continues, it could further drive price increases.
Furthermore, recent positive crossovers in Monero’s moving average convergence divergence (MACD) support this bullish outlook. Daily chart measurements show the MACD line (blue) crossing above the signal line (orange) for the first time since July 19th. This is a shift that tells you the beginning of an uptrend.
This crossover shows that XMR’s short-term momentum has been turned over in favor of buyers, suggesting an increase in the strength of the current trend. Historically, such moves precede sustained gatherings, as they interpret traders as confirming bullish demand is returning after a period of integration or decline.
XMR climbs with confidence – stop $325 or go back to $270?
These metrics suggest that XMR is entering a new phase of market trust despite concerns about Monero’s network centralization. If this continues, it could push the token price beyond the $302.74 resistance mark to $325.13.
However, XMR reduces recent profits, falling to $270.86 for demand craters.
XMR will climb after Qubic’s Monero Control Claim and Kraken Freze first appeared in Beincrypto.
