Monero’s Remarkable 37% Monthly Rally

Dai

In a remarkable turnaround following its mid-April slump, Monero (XMR), the leading privacy coin, has surged 37.8% in the last 30 days. This significant rebound is underscored by a 7.7% price bump in the last 24 hours alone, with XMR’s current value standing at an impressive $181.

Rewind to mid-April, and the scenario was quite different. Monero had hit a low, trading at a mere $115 per unit on April 13. The dip can be partly attributed to the fluctuating hashrate which suffered from an operation dubbed “Operation Endgame” by Europol. Targeting botnets, this law enforcement effort inadvertently impacted cryptojacking operations and caused the Monero hashrate to drop toward the month’s end.

Despite these challenges, Monero has clawed back its value, showing an upwards trajectory with optimistic market movements. On June 10, 2024, the most active exchange for Monero has been HTX, recording double the XMR trade volume since the previous day. Furthermore, Monero’s liquidity is high, with a solid 24-hour trade volume of around $128.82 million.

Focusing on trade pair preferences, Tether (USDT) emerges as the most popular trading pair for XMR, representing a substantial 82% of all trades. Other notable trading pairs include USD, BTC, EUR, and ETH.

Market analysts have their eyes glued to Monero’s price charts, which exhibit a strong bullish trend across multiple timeframes. The coin shows key support levels at $170, $160, and $150, with traders looking out for the next resistance level around $190. While moving averages signal a promising bullish phase, the Relative Strength Index (RSI) on the XMR/USD daily chart is flirting with overbought territory. This technical indicator suggests that a slight price correction, or pullback, might be on the horizon.

The coming days will be critical for Monero as oscillators offer mixed signals. Investors are advised to proceed with caution, especially considering the nearing overbought RSI levels which could deter new entries. Despite the potential for a pullback, the overall outlook for Monero remains robust, given its significant recovery and the steadfast bullish trend. Investors and market participants will continue to watch closely, anticipating Monero’s next move on the cryptocurrency stage.

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