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Privacy token Monero (XMR) is currently down 26% from an all-time high reached in the week just concluded.
Monero rose to an all-time high of $798 on Jan. 14 as privacy-focused tokens gained traction in the market. This capped a steady multi-month climb that began last September.
In the lead-up to Monero's price setting record highs, the token rose for five straight days from Jan. 10 to Jan. 14.
According to analysts at 10x Research, Monero's surge was partly contributed to by increasing focus on privacy and anticipation around upcoming protocol upgrades, which have boosted demand despite persistent regulatory risks hanging over the sector.
On Jan. 11, a new version of the Monero software was released, v 0.18.4.5 Fluorine Fermi, which fixes a bug with Ledger hardware wallet.
The release fixes Ledger Monero app crash and adds support for Ledger Nano Gen5. Other fixes include those of Daemon and wallet, with a race condition causing dropped connections during sync fixed as well as an edge case where key images are marked unspent. The release also included minor bug fixes and improvements.
Monero down 26% from ATH: rally over?
Monero fell for three consecutive days shortly after reaching an all-time high near $800 on Jan. 14. At the time of writing, XMR was down 5.98% in the last 24 hours to $590 but up 19% weekly.
In a recent development, a social engineering attack was uncovered, which saw a $282 million loss in assets. The attacker is said to have stolen 2.05 million Litecoin and 1,459 Bitcoin on Jan. 10 and swapped most of the funds for Monero, which contributed to its price surge over four days, spanning from Jan. 10 to 14.
This incident might have contributed in a way to the recent price drop. Despite this, technical indicators suggest the recent rally might not yet be over.
This is as Monero continues to trade above the daily MA 50 and 200 at $349 and $455, converting them into support following a major golden cross in November.
Tomiwabold Olajide
Gamza Khanzadaev