Monero price analysis: XMR/USD eyes $110 support as major Monero code vulnerabilities discovered

Monero (XMR) is changing hands at $115.11. The coin has lost over 10% on a daily basis amid global cryptocurrency sell-off. Monero takes the 12th place in the rating of top cryptocurrencies with a total market value over $1.8B and daily trading volumes $23M.

Global cryptocurrency decline may be the main reason behind Monero's not-so-exciting performance; however, the coin was also hit by the portion of its own bad news.  The latest analysis revealed some security vulnerabilities in Monero code. The loopholes allowed hackers to steal coins from cryptocurrency exchanges by copying a line from Monero's wallet open source code. This allowed the crooks to change the amount displayed in the wallet, facilitating transactions between addresses.

"Each additional line multiplied the amount of XMR shown – which made tricking support staff into approving dodgy transactions much simpler. Hackers could then call exchanges and demand the transactions be processed immediately – claiming totals way over the amount originally sent for confirmation," the report says.

Monero's dev team claims to have eliminated this bug, but the harm is already done.

Monero technical picture

XMR/USD is moving fast towards a critical $110 handle, which may stop the decline for the time being. Once it is broken, the sell-off will gain traction and push the coin towards the lowest level of 2018 reached at $106.42 on June 22. On the upside, the local resistance is created by $120.00 and followed by $123.68 (50-SMA, 1-hour chart)

 XMR/USD, 1-hour chart