Monero (XMR), the privacy coin, has seen a significant increase of 7.7% in the last 24 hours and a 16.5% surge over the past week.
Monero's trading volume has doubled in just 24 hours after a period of decline and hitting a low point in mid-April. On April 13th, XMR was valued at $115 per unit, but today it has risen to $181.
Despite facing challenges this year, including being delisted from several centralized exchanges, Monero's price has been steadily climbing. The crypto asset's hashrate experienced fluctuations, with a peak in May followed by a significant drop at the end of the month due to Europol's "Operation Endgame," which targeted botnets and shut down over 100 servers. This crackdown impacted cryptojacking operations, where mining software illicitly uses people's CPU power to mine XMR.
Over the past month, XMR has increased by 37.8% against the U.S. dollar, with a 24-hour trade volume of approximately $128.82 million. The most active exchange for Monero on June 10, 2024, is HTX, according to coingecko.com. Trading volume for XMR has doubled since June 9, with USDT being the most popular trading pair, accounting for 82% of XMR trades.
Looking at XMR charts, there is a strong bullish trend across various timeframes. The daily chart shows a significant upward movement since mid-May, with prices rising from around $130 to the current $181. This upward trend is supported by increasing volume, indicating strong buying interest.
Key support levels for XMR are at $170, $160, and $150, with resistance expected around the $190 mark. The RSI on the XMR/USD daily chart suggests that the asset may be nearing overbought territory, potentially leading to a pullback. On the 4-hour chart, the bullish momentum continues with higher highs and higher lows, aligning with the daily analysis.
Immediate support levels for XMR are around $176 and $172, with resistance levels near $185 and a potential resistance at $190. Moving averages across different timeframes indicate a bullish trend, reinforcing the strength of the uptrend. Oscillators provide mixed signals, with the RSI nearing overbought levels, suggesting caution for new entries.
Overall, technical indicators for XMR suggest a continuation of the bullish trend, with attention to resistance levels for potential profit-taking. What are your thoughts on Monero's market performance? Feel free to share your opinions in the comments section below.