Monero (XMR) has been under the bears as the market crashed after the bull run. Monero dropped to as low as $202 but it appears as though the cryptocurrency may soon reverse the trend. At the time of writing, XMR coin stands at a price level of $227. The price of the cryptocurrency has been gaining in the past twenty-four hours and so has been the trading volume.

Monero (XMR) technical analysis

The market outlook for Monero crypto is neutral which may indicate the onset of bullish momentum in the market. Out of the total technical indicators, ten are standing at a neutral position with nine giving out a sell signal and seven indications of buy. The oscillators are neutral as the price of the cryptocurrency may be consolidating while the moving averages suggest a bearish signal overall.

Monero coin has been identified to have formed a falling wedge formation. The cryptocurrency has been experiencing decreased volatility inside the formation as it nears a break out. The falling wedge is a bullish pattern although the unpredictability of the market may lead to a downside breakout. Up till now, the price movements of XMR coin hints towards a possible upside break out from the formation. If the break out occurs upwards, the price level of $260 may be validated as the potential price target.

New Monero mining malware

Monero being a privacy coin can also prove to be useful for hackers. Where the anonymity and privacy of the cryptocurrency is what sets it apart, it also makes it a hotspot for cybercrime. Avast Antivirus has detected a new Monero mining malware called “Crackonosh”.Crackonosh is an advanced malware which can disable anti-virus mechanisms easily. Monero is being used by hackers to hijack computing resources for mining. A report also claims that Monero’s mining malware is responsible for 4% of its circulation. If the development team does not come up with a solution for this, the privacy feature may lead the cryptocurrency to its downfall.