- XMR/USD price action via the daily chart view has breached a critical ascending trend line of support.
- A study suggests that Monero is still the number 1 popular cryptocurrency among cyber criminals.
XMR/USD daily chart. Bears break vital ascending trend line.
The XMR/USD price had initially staged a strong rebound on 15th December 2018. It was very well supported by an ascending trend line, which provided the needed bounce each time the price met it. Over the course of its elevation, XMR/USD went on to gain as much as 55%. This support had been running right up to the session of 10th January.
A fresh wave of selling pressure hit the entire cryptocurrency market on Thursday 10th January. As a result, the bears managed to smash through the above-detailed ascending trend line. This saw XMR/USD dropping big double-digits and over 18% at the worse point of the day. Further downside was halted thanks to a large daily support level, seen at $44.25.
Since hitting the above-mentioned daily support, at the time of writing, price action has stabilized. Given the breakout of the long-running trend line, eyes will now be on a retest of this. This means XMR/USD could run back up to $53 to come back into proximity with the prior acting support. The bulls will likely have a new challenge in breaking it down.
Monero is Cyber Criminals’ Favorite
A recent study has suggested that Monero remains the most popular cryptocurrency among cyber criminals. They have been deploying mining malware, which has been able to accumulate a large amount of XMR.
Sergio Pastrana and Guillermo Suarez-Tangil, two researchers, published their findings last week.