Monero (XMR), a privacy-focused cryptocurrency, has shown signs of recovery in the past month despite facing delistings from major exchanges and growing regulatory hurdles.
Delistings and Regulatory Challenges
For the past six months, XMR has been delisted from several cryptocurrency exchanges, most notably Binance in February and Kraken in Ireland, Belgium, and the UK in June. This trend reflects the increasing regulatory scrutiny surrounding privacy coins in Europe, with the Markets in Crypto-Assets (MiCA) regulation potentially leading to a ban on such coins altogether. These delistings have undoubtedly impacted XMR’s market growth and price stability.
Signs of Recovery
Despite the challenging environment, XMR has shown resilience in recent weeks. Over the past month, the coin has gained over 12%, with a 4.39% increase in the last seven days. Trading volume has also surged by 7.61% in the past 24 hours, indicating renewed interest in the market.
Analyst Predictions
Crypto analysts are cautiously optimistic about XMR’s future. Sebastian, a crypto analyst, believes XMR is poised for a sustained price rise, with potential targets of $180 and even $190. He highlights XMR’s recent momentum and its role within the cryptocurrency ecosystem. Crypto | ChartMonkey offers a longer-term perspective, predicting a potential breakout towards XMR’s all-time high in May 2025.
Technical Analysis
Technical indicators also suggest a potential bullish outlook for XMR. The Money Flow Index (MFI) has risen significantly, indicating increasing buying pressure and bullish sentiment. Similarly, the Relative Strength Index (RSI) has been steadily climbing, suggesting that recent gains are outpacing losses. Positive funding rates and minimal liquidations further support a potential short-term price increase.
Key Resistance Levels
At the time of writing, XMR is trading at $169.03, having broken above the $168 resistance level. The next significant resistance level sits around $174. If XMR can overcome this hurdle, a short-term surge towards $179 could be possible. However, a market correction could see the price fall back to the crucial support level of $158.
Conclusion
While XMR has shown promising signs of recovery, its future trajectory remains uncertain. Regulatory challenges and exchange delistings pose significant risks. However, the coin’s recent performance, combined with analyst predictions and positive technical indicators, suggest a potential price increase in the short term. Whether XMR can reach the much-anticipated $190 mark remains to be seen, but the coming weeks and months will likely be crucial for the privacy-focused coin.