As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed countless bull and bear cycles, market crashes, and recoveries. Yet, the world of cryptocurrencies continues to intrigue me, especially when it comes to privacy-focused projects like Monero (XMR).
Over the last 24 hours, Monero (XMR) has displayed indications of regrowth, climbing a notable 5.8%, which is stirring fresh hope in those who champion this confidential digital currency.
Currently, Monero (XMR) is being exchanged at approximately $154.14, representing a 12.56% bounce back from its lowest point this month. This uptick has been coupled with a substantial rise in daily trading activity, with the volume climbing by around 33%, surpassing $65 million as reported by CoinGecko.
Despite the uptick, Monero remains 71.5% below its all-time high of $542.33, set in January 2015.
Nevertheless, there’s a generally optimistic outlook on Monero within the larger market, as indicated by 83% (or 1,725 votes) on CoinMarketCap suggesting continued bullish trends.
Starting October at $153.8, the privacy-centric digital currency saw a significant decline, reaching a low of $142.96 on October 2nd and dipping further to $136.43 the day after. This steep drop occurred concurrently with Kraken’s announcement that they would remove Monero from the European Economic Area in adherence to local rules, as part of the upcoming Markets in Crypto-Assets Act, slated for enforcement in December.
As a crypto investor, I’ve noticed that recent events, such as the delisting of Monero on Kraken, align with a growing trend among notable platforms like Binance and OKX. These platforms have chosen to discontinue support for privacy coins, likely due to intensifying regulatory oversight in this area.
As a staunch supporter of Monero in the face of these obstacles, I stand firm in my belief that this privacy coin holds immense value. The crux of Monero’s purpose – facilitating confidential transactions – makes it indispensable, even amidst delistings or other challenges.
Klaus, an advocate for Monero, contends that the cryptocurrency stands out due to its untraceable nature, which has attracted potential government scrutiny. He posits that despite a significant drop in Monero’s price, big investors and large holders will persist in using it for its privacy benefits.
Klaus further highlights that the usefulness of Monero will endure because it can be used on non-identity verification platforms, which will keep offering access even when faced with regulatory obstacles. Although he advises against considering Monero as an ideal investment at this point in time, he strongly believes that its function as a means for confidential transactions is indispensable.
Monero’s surge occurs as the wider cryptocurrency market bounces back from a recent slump. Following a day where the total global crypto market capitalization dropped by 3% to $2.27 trillion, with total liquidations surpassing $220 million, Bitcoin (BTC) rose by 0.8%, and major altcoins like Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) saw modest increases of more than 1%. At the moment, the overall market cap is down by 1.3%.
Looking at the 1D XMR/USDT graph, there might be indications of an emerging double bottom formation, but it’s not definitive as of now. If the price manages to surpass the resistance area around $160-$165, while also showing increased trading volume, then this pattern would be confirmed, suggesting a possible bullish turnaround.
Currently, the price of XMR is approaching a middle Bollinger Band level of approximately $157.65, which could potentially act as resistance. Meanwhile, the lower Bollinger Band at around $134.08 has emerged as a robust support area. The Relative Strength Index for XMR stands at 47.12, indicating neutral momentum, but its recent recovery from oversold conditions below 35 hints at possible further upward trends.
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2024-10-09 12:36