Monero (XMR) Experiences 51% Attack, Kraken Suspends Deposits
51% Attack on Monero: A mining pool called Qubic has taken control of over 50% of Monero's hash rate, leading to a temporary halt of deposits on the Kraken exchange due to concerns over potential double-spending and transaction reordering.
Kraken's Response: Kraken has re-enabled Monero deposits with new requirements for confirmations, but warns that they may halt deposits again at their discretion due to ongoing security uncertainties surrounding the Monero network.
Qubic's Experiment: The Qubic team claims their actions were part of an experiment to demonstrate vulnerabilities in Monero's network security, asserting that its core functionalities remain intact despite the attack.
Historical Context: Previous 51% attacks on other cryptocurrencies like Ethereum Classic and Bitcoin Gold have resulted in significant financial losses, though advancements in technology have reduced the frequency of such attacks in recent years.
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Technical Analysis for ETC
Technical Sentiment Analysis for Ethereum Classic (ETC) As of , Ethereum Classic (ETC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for ETC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, ETC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum Classic (ETC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 3.772 | 5.461 | 7.272 | 8.961 | 10.772 | 12.461 | 14.272 |
| Fibonacci | 5.461 | 6.798 | 7.624 | 8.961 | 10.298 | 11.124 | 12.461 |
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