Monero, a privacy-focused cryptocurrency, faced a significant block reorganization but managed to hold support at $300.
Record Block Reorganization of Monero
On September 14, Monero experienced its largest blockchain reorganization, affecting 18 consecutive blocks. This 43-minute event invalidated 118 previously confirmed transactions, raising concerns about network security. The reorganization was triggered by Qubic pool briefly dominating over 51% of Monero's hashrate.
Price Dynamics Analysis
As of this writing, Monero's price stands at $300.87, reflecting a 5.4% rise in the last day and a 10% increase over the past week. Spot trading volume surged by 25%, reaching $87.5 million, while derivatives volumes jumped 68% to $61.5 million.
Technical Analysis and Support Levels
Monero maintains a bullish position above key moving averages. However, indicators suggest potential overbought conditions. The critical support level is set at $300. A decline below $290 might indicate a bearish retracement, while sustained movement above $310 could lead to further gains.
Despite the serious incident of block reorganization, Monero has managed to maintain a $300 support level. Future price movements will largely depend on market behavior and technical signals.
