Monero’s price plunges after losing mining dominance to Qubic.
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Key Takeaways
Over 51% of XMR’s mining has moved to Qubic, weakening Monero’s network.
XMR has fallen to its lowest level since April 28, forming a descending channel.
XMR is fragile, with indicators showing that a bounce is unlikely.
The past few weeks have been a winning streak for many altcoins — but for XMR, Monero’s native token, it’s been a disaster.
In a setback for Monero, more than half of its mining power has defected to decentralized network Qubic, leaving the privacy coin dangerously exposed.
The fallout was swift. XMR’s price plunged to its lowest point since April 28. Let’s break down what happened — and what could be next for XMR’s price.
Loss to Qubit Sends XMR Price Crashing
Unlike May, when XMR’s price kept climbing with higher highs, the past six days have painted the chart red. As seen below, the altcoin has printed six straight daily losses.
The slump began after the Qubic protocol completed its attempt to dominate the Monero network. Qubic now controls over 51% of Monero’s total mining power, seizing most of its hashrate.
“The profitability of mining $QUBIC over $XMR is soaring. Overall network keeps seeing high inflow of new miners. Distributing otherwise burned funds to miners as rewards was a success,” Qubic posted about the development on Aug. 14.
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At press time, XMR’s price is sliding within a descending channel. However, the technical setup isn’t offering much relief.
The Moving Average Convergence Divergence (MACD) has flashed a bearish crossover, signaling that downward momentum is still in play.
Meanwhile, the Relative Strength Index (RSI) has plunged to 21.27 — deep into oversold territory. Such extreme readings hint that selling pressure may be overextended, increasing the odds of a short-term bounce as traders step in to “buy the dip.”
XMR/USD Daily Chart | Credit: TradingView
However, without a shift in broader sentiment or a reversal in Monero’s mining structure, any rebound could be short-lived before the prevailing downtrend resumes.
XMR Price Prediction: No Bounce Yet
The daily chart paints an equally grim picture. The red Supertrend line sits above XMR’s price, indicating the dominance of sellers.
Adding to the bearish pressure, the Chaikin Money Flow (CMF) has slipped below the zero line — a sign that capital flows out of the asset. This drop also indicates weak buying pressure and strengthening distribution, making it harder for XMR’s price to recover.
If this trend continues, the Monero coin risks dropping below $200. If that happens, the next target for XMR could be $162.53, indicating a new yearly low.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
