Tag: Moneros

• Monero (XMR) reaches a maximum of 5 years at $ 347.72 with an increase in volume.
• The increase in XMR’s price is due to speculation and privacy demand, and is supported by bullish patterns.
• Monero’s next objectives are at $ 350 and $ 480, with the AH at $ 543 in view.

The price of Monero (XMR) shot up to a maximum of 5 years of $ 347.72 according to Coingcko data before going back around $ 288.76 at the end of this edition, in the middle of Speculations on the use of monero to bleach 3,520 BTC stolen, with a value of $ 330.7 million.

This remarkable rebound has caught the attention of the cryptocurrency market, with negotiation volumes that fired from an average of $ 50 million in a period of 7 days to more than $ 218 million in just 24 hours.

Why is Monero’s price going up today?

This remarkable rebound has left many wondering what drives the price of uprising. Apart from the news of the use of XMR to bleach stolen bitcoins, there seems to be no other clear catalyst behind the price movement, which leads analysts to speculate that the rebound could be driven by speculative trading, which suggests that the feeling of the market and the behavior of traders play an important role.

Monero, a cryptocurrency centered on privacy and based on the Cryptonote protocol, guarantees that all transactions are invinclable and irrastreable, which makes it a popular option for users looking for anonymity.

To this upward perspective are added technical patterns, such as a huge upward triangle that has been forming for almost 8 years, characterized by a series of growing minimums that converge with a horizontal resistance line around 400-450 $, which indicates a possible break.

In addition, a double floor pattern in the weekly temporal framework, a classic reversion formation, has been confirmed with a new clean test, indicating a strong bullish impulse and provides a solid base for a long -term bullish trend.

Chain metrics support this positive feeling even more, with Monero’s open interest in futures reaching its highest level since December 20, which reflects the entry of new funds to the market and suggests a future rebound.

Likewise, the growing demand for privacy cryptocurrencies, promoted by the growing concern for the security and anonymity of the data, positions Monero as a leader in this niche market, attracting both retail and institutional investors.

How far can the price of XMR go?

With the current bullish impulse, operators and investors are very interested in knowing how far the price of Monero can go.

The technical analysis offers some perspectives: the ascending triangle pattern suggests a potential objective of $ 350 if the break is confirmed, while the double soil pattern points to objectives around 26%, 48% and up to $ 480.

Beyond these technical objectives, the historical maximum of $ 543, reached in January 2018, remains a key psychological level and resistance that could come into play if the rebound continues, which could attract more attention and investment, but also cause profits and greater volatility.

However, the operators must be cautious, since the relative force index (RSI) has entered the overcompra zone, indicating a possible setback before the upward trend continues. The price trajectory will also be influenced by the general feeling of the market, adoption rates and regulatory developments, particularly as regards privacy cryptocurrencies, which have been subject to scrutiny in some jurisdictions.

Regulatory clarity or positive developments could act as a catalyst for greater appreciation of the price, while adverse regulations could raise challenges.

In addition, with a current market capitalization of $ 5,422,488,199, Monero is located as the 27th largest cryptocurrency, and a sustained rebound towards its historical maximum could boost it at a higher level in the classification, increasing its visibility and attraction for a greater number of investors.

Despite the previous challenges faced by privacy cryptocurrencies such as Monero, their solid privacy characteristics, continuous technological advances and the solid support of the community position it well for future growth, making it an attractive perspective for long -term investors.