Qubic’s 51% attack on the Monero blockchain a week ago resulted in big losses for the XMR token in the near term. Now that the threat is under control, is a bullish Monero price prediction justified?
Data from Mining Pool Stats indicate that Qubic’s hash power has now declined to 30%, down from the 51% peak they reported a few days ago.
Theoretically, controlling that percentage of a proof-of-work network’s hash rate would give the mining pool the ability to corrupt the decentralized ledger by introducing invalid blocks. Kraken halted XMR’s deposits temporarily as a result of the threat.
Qubic could have used its dominance to drain wallets and liquidity pools. However, they said they do not intend to harm the Monero network but rather to change how the blockchain’s incentives are used and distributed.
“The end goal is for the Monero protocol’s security to be provided by Qubic’s miners,” the developing team emphasized.
As they revealed no ill-gotten intentions, XMR progressively recovered and has now delivered gains of 3.1% in the past 7 days. Is this new scenario favoring a bullish Monero price prediction?
Monero Price Prediction: XMR Could Rise to $500 if It Breaks Above this Key Resistance
The daily chart shows that XRM bounced strongly off the $240 area and has now hit a resistance at $300.
Selling pressure has increased upon hitting this level as trading volumes have increased by 28% in the past 24 hours.
This level retreat has now taken a temporary pause at the 200-day exponential moving average (EMA). Another move toward the $240 area could result in a big bounce for XMR that pushes it to $500. This 83% upside potential would be confirmed after a bullish breakout above $300.
Even though the token has been declining recently, we are still in a bull market and Qubic’s threat to the network’s integrity seems to have been adequately addressed by the Monero community.
Hence, it is highly likely that XMR will experience a rebound. If the price rises above $300, this privacy token could deliver attractive gains in the near term.
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Maxi Doge (MAXI) Surpasses $1M Raised as Investors Are Eager to Join the Pump
With Bitcoin (BTC) and other tokens already making new all-time highs during this cycle, Maxi Doge (MAXI) stands to reap the highest returns by using a powerful tool at its disposal – 1000X ‘up only’ trades.
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The project will allocate up to 25% of the proceeds raised through the presale to the Maxi Fund to buy and HODL the most promising tokens out there. In addition, you can earn staking rewards of 240% if you lock in your MAXI tokens during the presale.
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