Monero (XMR) is facing a crisis as it plunges almost 25% in the last month, making it the third-worst performer in the top 100 cryptocurrencies. A rival project, Qubic, has claimed majority control of Monero’s hashrate, leading to a heavy price crash for XMR. The attack poses a serious threat to Monero’s privacy and security features.

Qubic’s novel mining system has incentivized Monero CPU mining, drawing miners away from distributed pools. While some see this as an attack, Qubic claims it’s a move to prepare Monero for future threats. The network disruption is evident with significant blockchain instability, indicating a successful 51% attack might be underway.

Monero’s technical outlook is bearish, with the price breaking critical support levels and down 15% in the last week. The RSI and ADX indicators confirm oversold conditions and strong downward momentum. Traders are advised to watch key support and resistance levels for potential entry or exit points. The long-term outlook for Monero hinges on how it handles the ongoing attack.

For swing traders, key levels to watch include immediate support at $240 and strong support at $220-225. Immediate resistance is at $270, with strong resistance at $290-300. The situation remains fluid, and traders should closely monitor developments in the Monero network to make informed trading decisions.

Read more at Yahoo Finance: Here’s What the Charts Say Is Next for XMR