Monero: With a wobbling hashrate, what does the future hold for XMR

• Monero’s hashrate faltered drastically in a matter of hours until press time.
• XMR was overbought, but the ADX trend could keep it in the green direction.

Information from 2Miners.com revealed that the hashrate of Monero [XMR] had faltered at the time of writing. The hashrate measures the security and health of a blockchain network. So, Monero’s floundering hashrate signaled a threat to the security of the private blockchain. 

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How many are 1,10,100 XMRs worth today?

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At press time, the hashrate was 98.47 MegaHash per second (MH/s). However, a few hours prior, the computational power was as high as 127.6 MH/s. 

Nevertheless, miners of the cryptocurrency were lucky enough to find new blocks. According to the crypto mining pool, about 12405 blocks have been found in the last 24 hours, with miners being rewarded $3,200.

About time to diverge the trend?

With the current trend and Monero’s inability to immediately revive, XMR could also be at risk. However, the currency, which relies on the Proof-of-Work (PoW) algorithm, was one of the biggest movers of the last few days. Needless to say, XMR was unable to sustain the momentum since it refused a 1.66% uptick and declining trading volume in the last 24 hours.

On the daily chart, XMR continually increased its support level to $165.32. But it might not progress in that regard due to the momentum displayed by the Relative Strength Index (RSI). 

At the time of writing, the RSI was 70.26. In fact, it surged to 80.84 as of the previous before its slight fall. Yet, the current position linked XMR to an overbought region. So, there is a possibility of a bearish momentum reversal.

The chart above also pointed to its Directional Movement Index (DMI), which showed that buyers were still in control of the XMR market. This was inferred from the condition of the positive DMI (green) at 32.77.

In contrast, the negative DMI was less than 10. Additionally, the +DMI found favor with the Average Directional Index (ADX) trend. With the ADX (yellow) at 45.96, XMR had potential to improve on its price performance.

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On-chain, here’s where XMR’s outlook is

Per Santiment‘s on-chain data, XMR was at the peak of its development activity. The development activity describes a project’s commitment to upgrading its network. So, even though Monero was not necessarily in the spotlight, the surge indicated that it was working behind closed doors to keep the blockchain relevant.

As for its social dominance, XMR was down to 0.163%. This implied that discussions around the private cryptocurrency in the sector’s communities were nowhere near the zenith.