In a most astonishing turn of events, Monero has decided to don its finest attire, rallying for five consecutive weeks, much like a determined debutante at her coming-out ball, and is now trading at levels reminiscent of the halcyon days of April 2022.
As of Thursday, January 23, Monero (XMR), the grandest of privacy-focused cryptocurrencies, was observed trading at a rather impressive $220.70, marking a staggering 113% increase from its rather dismal nadir in 2024. One can only imagine the champagne corks popping in the crypto salons! 🍾
This delightful rebound gained momentum following a US court’s rather unexpected ruling in favor of Tornado Cash (TORN), a crypto mixer that had been rather unceremoniously sanctioned. The US government, in its infinite wisdom, argued that this network was a veritable hotbed for money laundering. Who knew mixing coins could be so scandalous? 😏
The ruling has served as a veritable shot in the arm for other privacy-focused coins, such as Monero, Dash, and ZCash, all of which have been under the watchful eye of the authorities in recent years. Notably, exchanges like Kraken, Binance, and Coinbase have taken the liberty of delisting most of these coins to comply with US regulations. How very accommodating of them!
Monero’s privacy features are akin to a well-tailored suit, ensuring that transactions remain as elusive as a well-guarded secret. It employs ring signatures, which artfully combine a sender’s transaction with others, thus obscuring their true identity. Monero also utilizes stealth addresses, because who doesn’t love a little mystery? 🕵️♂️
Consequently, one might speculate that some mainstream exchanges will soon be relisting Monero, following Tornado Cash’s unexpected triumph and the recent inauguration of Donald Trump. Yes, the man has pledged to be a more crypto-friendly president, appointing regulators like Mark Uyeda and Paul Atkins, who seem to be rather fond of the digital currency realm. How quaint!
A relisting could very well send Monero’s price and hash rate soaring to new heights. Data from CoinWarz indicates that the coin’s hash rate has dipped to 3.55 GH/s, down from a year-to-date high of 4.10 GH/s. A minor hiccup, one might say!
Monero Price Analysis
The weekly chart reveals that the XMR token has been ensconced within the key support and resistance levels of $117 and $181 since 2022, as the war on privacy coins has intensified. This consolidation mirrors that of Ripple (XRP), which also languished in a tight range for over two years before rebounding in November last year. A classic case of accumulation, one might say, often followed by a delightful markup. In the Wyckoff Method, this markup phase is characterized by demand outstripping supply. How thrilling!
Monero has now gracefully ascended above the resistance at $181 and the 50-day moving average. The Average Directional Index has climbed to 22, indicating that the trend is robust. Thus, it is entirely plausible that Monero will embark on a parabolic journey, retesting the psychological threshold of $300, and then rallying by a staggering 140% to reach its all-time high of $515. What a spectacle that would be! 🎉
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2025-01-23 17:04