Monero (XMR) has been trading sideways for nearly two months, facing potential network attack threats while also showing signs of growth.
Network Attack Threats
Monero could become a target for a 51% attack due to Qubic Vision's initiative to control a larger share of the network's hash rate. The announcement to secure 61% hash rate control raised security concerns about the network. However, the meaning of this intention might be ambiguous.
Monero in Focus
Monero topped the Alt Rank list, indicating its growing popularity in social media and crypto conversations. Increasing attention from both retail and large holders could contribute to more positive sentiment around XMR.
Growth Prospects for XMR
XMR rallied by about 152% from late April to its latest peak in May. Analyzing charts reveals possible parallels with previous bull runs in 2017 and 2021. Currently, XMR is trading around $324, and the next target is to retest the resistance level.
Despite the threat of network attack and current price fluctuations, Monero shows signs of bullish growth. The future of XMR depends on demand for the cryptocurrency and the development of the overall crypto market.
