The Monero price is in a tight range even as a major ransomware continues globally. The XMR price is trading at $212.50, which is in the same range it has been in the past few days. This brings its total market capitalization to more than $3.82 billion, making it the 26th biggest cryptocurrency in the world.
Monero news. Monero, a privacy-focused cryptocurrency, is in the spotlight after a major ransomware attack. The atack has been carried out by a Russian hacking group known as REvil, which was behind the recent JBS hack.
According to the Wall Street Journal, the supply-side attack is affecting many companies that use Kaseya VSA. Kaseya is a widely-used software that helps companies distribute updates to computer networks. The attack has affected more than 40,000 computers globally. Most of the affected companies will need to pay a ransom to the hackers.
The number of ransomware attacks have been rising recently. In May, hackers were paid more than $4 million in Bitcoin after managing to hack Colonial Pipeline. They also received millions of dollars after they hacked JBS, the biggest meat processor in the US.
This is a notable thing for Monero because of its technology. Recently, hacking groups like REvil have insisted on payments using the currency. This is because, unlike Bitcoin, transactions made in Monero are hard to track because of the use of encrypted technology.
Monero price forecast
The daily chart shows that the XMR price has been under pressure lately. The coin’s price has dropped by more than 60% from its highest level this year. It has also moved below the 25-day and 50-day exponential moving averages (EMA). It has also formed a bearish pennant pattern that is shown in black.
Therefore, the coin’s price will likely resume the downward trend as bears target the next key support at $155, which is about 27% below the current level. A move above the resistance level at $250 will invalidate the bearish view on the flip side.