Monero price retreats further while the community raises concerns over the revealed privacy flaws
- Analysis can be done to reveal transaction on Monero.
- XMR/USD will consolidate higher in the near-term; immediate support forms at $182.
Monero price declines sharply during trading on Thursday 29 after it failed to break above the pivotal $200 level. The crypto is down by over 4% in the last 24 hours. The bulls are gunning for support to push the price higher. However, the privacy issues threaten its reputation of being one of the most anonymous coins created.
Recently researchers from various top institutions released a paper that pointed out serious flaws in the privacy-focused Monero securities. Monero achieves its anonymity by mixing its Monero funds among series of funds from many random users. This feature ensures that the token’s blockchain identity is untraceable.
The paper released by researchers from MIT and other institutions reads, “Most Monero transaction inputs prior to February 2017 contain deducible mixins, and can be traced to prior transactions via analysis,”
Monero price technical picture
Monero price declines broke from half-way the retracement levels including the 23.6% Fibonacci retracement level with the last swing high of $213 and a low of $182. There is a bullish trend that is forming around $184 while the 50 and the 100 Simple Moving Averages have crossed above the price at $194 which also coincides with the 38.2% Fib retracement level. This shows that XMR/USD will consolidate higher in the near-term. The price has formed a short-term support level at $182. A break below this level will pave the way for more losses for Monero.
XMR/USD intraday’ chart
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
