Monero’s Big Block Drama: $300 Support Holds Despite Chaos!

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Monero, the cryptocurrency that proudly waves the flag of privacy, has once again been rocked to its core-well, maybe just a little shaken-after a 43-minute block reorganization event. Yes, you heard that right, a block reorganization. As thrilling as it sounds, this didn’t result in any double-spends, but it certainly made some miners clutch their wallets a bit tighter. 💸

  • Monero got hit with an 18-block reorganization on Sept. 14, thanks to the Qubic pool’s brief yet impactful reign of hashrate dominance. 📉
  • Despite the chaos, XMR jumped up to $308, then settled just shy of $300. In the process, spot volume surged by about 25%, and derivatives volumes shot up like they were shot out of a cannon! 💥
  • Technicals are showing strength above moving averages, but with overbought indicators and a jump in derivatives activity, we might be headed for some wild swings soon. Hold on tight! 🎢

As of now, Monero is sitting pretty at $300.87, up 5.4% over the last day. Not bad, considering the roller-coaster ride it’s been on recently. It’s up 10% in the last week and a hefty 27% in the last 30 days. 🤑

Spot volume for Monero hit $87.5 million in the last 24 hours-an increase of 25%! Meanwhile, derivatives volumes jumped a whopping 68%, reaching $61.5 million. Open interest also grew by 5.6%, hitting $44.5 million. If that doesn’t scream ‘speculation’ and ‘volatile times ahead,’ I don’t know what does. 😅

But let’s not get carried away. Despite this price rally, network security is once again under scrutiny after Monero’s *deepest* blockchain reorganization to date. Cue dramatic music. 🎶

Monero’s Biggest Block Party Yet

On September 14, Monero experienced a reorg that would make even the most seasoned crypto enthusiast break a sweat. A staggering 18 consecutive blocks were affected, causing 118 previously confirmed transactions to be unceremoniously invalidated in a 43-minute event. Yes, you read that correctly-43 minutes. That’s 43 minutes of blockchain history rewritten, and 36 minutes of that was *wiped away* as if it never happened. 🕒

So, what exactly went wrong? Well, the Qubic mining pool, which is so deeply entrenched in the IOTA ecosystem that it might as well be a part of their family, briefly held over 51% of Monero’s hashrate. And when that happens, the whole blockchain gets a little… confused. 🤷‍♂️

But before you panic-no confirmed double-spends were detected. Phew! However, researchers did suggest that users might want to wait for 20 or more confirmations before calling their transactions final. Nothing like adding a bit of extra suspense to the mix. 🎭

Despite the reorg, Monero’s price actually rose from $287 to over $308 in the hours following the event, which shows the network’s resilience under pressure. Like a phoenix rising from the ashes-or in Monero’s case, a privacy-loving crypto rising from blockchain chaos. 🔥

Monero Price: A Technical Rollercoaster

The 50-day and 200-day averages are looking pretty bullish, which sounds promising. The relative strength index is at 65, which means the momentum is still there-but it’s also heading into overbought territory, which can be a bit like hitting the “too much cake” limit at a birthday party. 🍰

The signals from other oscillators are giving mixed messages. The stochastic indicators suggest a cool-down is coming, but the moving average convergence divergence is still in ‘buy’ territory. The $300 mark is holding strong as a key support level. 🙌

If the price falls below $290, it could be a sign of a bearish retreat-cue the dramatic sighs. But if it breaks above $310, well, there’s no telling just how high it could go. It’s all a waiting game. 🎯

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2025-09-15 10:37