Monero (XMR) Primed for Explosive Rally: Qubic Hashrate Dominance Fuels Wedge Breakout

Monero's price action is coiled like a spring—and Qubic's hashrate dominance might just be the trigger.

Here's why XMR traders are loading up.

The Wedge Breakdown

XMR's tightening price pattern screams volatility. Every trader knows: the longer the squeeze, the bigger the pop. And this one's been brewing for weeks.

Qubic's Hashrate Heft

While other coins beg for miner attention, Monero's network muscles through—Qubic now commands enough hashpower to make even Bitcoin miners glance nervously over their spreadsheets.

Because nothing says 'bullish' like a proof-of-work chain that actually works.

The Cynical Take

Let's be real—if Wall Street could front-run this breakout, they would. But Monero's privacy features don't just protect users; they're the ultimate middle finger to institutional snooping.

Place your bets: This rocket's fueled and ready. Whether the suits catch on is their problem.

Kraken takes cautionary measures as Qubic dominates the Monero network

Qubic Protocol achieved its target of controlling 51% of Monero's hashrate on August 11. Hashrate refers to the total mining power of the network. 

With the newfound dominance, Qubic now holds transaction control, censorship powers, and block monopoly over Monero. Still, the Qubic team has decided not to overtake protocol's consensus for now, which will be decided after internal discussions. 

Kraken, a crypto exchange, had paused XMR deposits as Qubic’s 51% attack involved the risk of a sudden price shift. The exchange has re-enabled the deposits, which now require 720 confirmations before being credited. 

Monero’s bounce back eyes a wedge breakout rally

Monero edges closer to the 200-day EMA at $275 with a bounce back within a falling wedge pattern on the daily chart (shared below). The recovery run in XMR forms two consecutive bullish engulfing candles, extending the uptrend by nearly 1% at the time of writing on Monday. 

A clean push above the 200-day EMA could extend the XMR recovery to the overhead resistance trendline at $290. 

The Relative Strength Index (RSI) is at 45 on the daily chart, approaching the halfway line as it reverses from the oversold zone. This sudden rise in RSI indicates increased buying pressure.

The Moving Average Convergence Divergence (MACD) line crosses above its signal line, signaling a bullish turnaround. A decisive green histogram bar forming above the zero line WOULD signal a resurgence of bullish momentum. 

XMR/USDT daily price chart.

Looking down, a bullish failure to cross the 200-day EMA could retest the Friday close at $235.