After months of declining following delisting by major exchanges, XMR’s trading volume surges 30% in 24 hours.
Monero seems to be making a comeback. The privacy-focused cryptocurrency, XMR, has seen a resurgence in recent weeks, with its trading volume surging by 30% in just 24 hours. This uptick comes after months of declining prices and regulatory challenges.
XMR’s price has risen by 11.7% in the past 24 hours, trading at $168.80 as of this writing. This marks a significant turnaround from the downtrend that saw the coin hit a low of $136.08.
Analysts are now predicting a potential 176% rally for XMR. Crypto analyst Murad has drawn parallels between the current trend and the 2016-2017 bull cycle, suggesting that XMR is poised for another significant price surge.
According to Murad, XMR’s price history has followed a pattern of test pumps and mega pumps, similar to what was seen in 2016 and 2017. If this pattern repeats, XMR could reach a price of $176.07.
Technical indicators also support a bullish outlook for XMR. The Directional Movement Index (DMI) shows a strong uptrend, and the Moving Average Convergence Divergence (MACD) is positive, indicating a continuation of the upward momentum.
Moreover, the low levels of long position liquidations suggest that investors are confident in XMR’s future. This is further supported by the positive netflow of XMR, indicating that investors are buying more of the coin than they are selling.
While the recent gains are encouraging, it’s important to note that XMR still faces regulatory challenges. The cryptocurrency has been delisted from major exchanges like Kraken and Binance due to concerns about its privacy features.
However, if XMR can navigate these challenges and maintain its current momentum, it could be poised for a significant price increase.
In conclusion, Monero is showing signs of a resurgence, with analysts predicting a potential 176% rally. The recent surge in trading volume, positive technical indicators, and favorable market sentiment suggest that XMR is on a strong upward trajectory. However, the regulatory challenges facing the cryptocurrency remain a key factor to consider.