- Monero (XMR), a privacy coin, has increased by 7.7% in the last day and by 16.5% in the last week.
The Volume of Monero Trades Doubles in a Day
Monero (XMR), which saw a protracted fall and a notable bottom in mid-April, has since rebounded. For example, the price of XMR was $115 per unit on April 13 and is currently $181.
This year has been difficult for Monero and other coins that prioritize privacy, mostly because of several delistings from centralized exchanges. The price of XMR has been rising despite noticeable swings in the hashrate of the cryptocurrency asset.
Hashrate fell sharply at the end of May after reaching a peak because of Europol’s “Operation Endgame,” which shut down more than 100 servers and targeted botnets.
Cryptojacking operations—in which mining software leverages people’s CPU power illegally to mine XMR—were badly hit by this crackdown. XMR has gained 37.8% versus the US dollar over the last 30 days, with a 24-hour trading volume of around $128.82 million.
As of June 10, 2024, HTX is the most active exchange for monero, according to coingecko.com. Since June 9, the amount of XMR trades has doubled, with the most traded pair being tether (USDT), which accounts for 82% of all XMR trades. Other well-liked pairs are ETH, USD, BTC, and EUR.
Charts for XMR exhibit a robust bullish trend throughout a range of periods. The daily figure shows that prices increased significantly starting in mid-May, going from about $130 to $181.
Growing volume indicates considerable purchasing interest and supports this upswing. Important support levels are at $170, $160, and $150, while the psychological $190 mark is the next resistance level.
On the XMR/USD daily chart, the relative strength index (RSI) indicates that the asset may be approaching overbought territory, pointing to a possible pullback. The positive momentum is still present on the 4-hour chart, which shows higher highs and higher lows in line with the daily analysis.
With resistance close to $185 and the next possible resistance at $190, the immediate support levels are between $176 and $172. Moving averages over various timeframes confirm the strength of the uptrend by indicating a bullish trend.
Oscillators give conflicting indications; the RSI is getting close to overbought levels, indicating that new entrants should exercise care. Technical indicators for XMR point to a continuation of the bullish trend overall; nevertheless, traders should watch resistance levels in case they decide to take a profit.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
