- After details of Monero’s exploit were released, the price plummeted.
- After the price of XMR fell, Open Interest followed suit.
Money [XMR] recently fell victim to an exploit that caused the loss of millions of dollars. Generally, such exploits fuel negative sentiment around cryptos, causing their prices to plummet. However, the case with XMR was different.
Monero took a hit during the hack
If reported previously by AMBCrypto, Monero suffered a major attack on September 1. Although the incident took place over two months ago, details have recently been released.
According to the report, the hacker(s) made off with 2675.73 XMR from the Monero Community Crowdfunding System (CCS). The moved token was worth almost $43 million at the time of the exploit.
During the early days of the hack, the token’s price chart turned red as the price plummeted. But then things started moving sideways.
Source: CoinMarketCap
Is Monero finally revived?
As the chaos surrounding the hack calmed down, XMR’s price action gained upward momentum as its value rose more than 10% last month. From CoinMarketCapXMR traded at $166.05 with a market cap of over $3 billion.
But in the last 24 hours, things have changed: its value has fallen by almost 2%. Either way, the future of the token could hold good news investors.
Notably, DYOR.net, a crypto screening platform, took to X (formerly Twitter) on November 6 and revealed that a bullish divergence was noted on the XMR/USDT Relative Strength Index (RSI).
This looked promising as such situations suggested the possibility of a rise in the price of a token.
$XMR / USDT – Bullish divergence on RSI observed at 1 hour
📈 Live Chart: https://t.co/qLunvee7tS
Also spotted on 11 other coins
Mock them all https://t.co/vMSA8RwQ1G premium! pic.twitter.com/BeucxKGIIB— DYOR.net Crypto Screener (@DyorNetCrypto) November 6, 2023
AMBCrypto analyzed Monero’s daily chart to gain a better understanding of what lies ahead. According to the analysis, most market indicators still remained bearish. For example, the MACD showed a bearish crossover.
Monero’s Money Flow Index (MFI) recorded a decline and was heading towards the neutral limit at the time of writing. However, Chaikin Money Flow (CMF) remained high, which could fuel XMR price appreciation.
Source: TradingView
Read Moneros [XMR] Price prediction 2023-24
Upon further inspection, AMBCrypto came across a few stats that could potentially spark another XMR bull rally. Even if for example XMR‘s price has fallen slightly in recent days, and the Open Interest has also fallen by a minimal margin.
When Open Interest falls, it increases the chance of a trend reversal. Therefore, given all the indicators and metrics, it will be interesting to see which direction the price of XMR moves in the short term.
Source: Coinglass