Monero (XMR) has recently shown strength in the market, trading at approximately $167.12, despite broader crypto market volatility. Over the past 72 hours, Monero has demonstrated resilience by holding key support levels, such as $170, after a modest recovery from a local bottom near its 365-day EMA. Technical indicators suggest that if XMR continues this upward trend, it could retest resistance at $182, with potential for a move towards $200(Finbold)(Gate.io).
Technical Outlook
Monero’s price is currently showing bullish signals as it attempts to break through its next resistance level at $182. A move past this level could see further gains, with the $200 mark acting as a psychological target. Relative strength index (RSI) values suggest the asset is nearing oversold territory, which may signal more buying opportunities(Finbold). The potential for a golden cross formation—a bullish technical indicator—has also fueled optimism for future gains(ChangeHero).
Privacy and Institutional Usage
Monero’s privacy-focused technology continues to attract attention. In recent reports, Monero accounted for 58% of cryptocurrency payments on ShopinBit, Europe’s largest cryptocurrency store, far surpassing Bitcoin. This dominance underscores Monero’s increasing popularity for transactions requiring strong privacy features(Finbold).
While centralized exchanges such as Binance have delisted Monero due to regulatory pressure, its activity on decentralized platforms remains robust, with decentralized exchanges continuing to offer trading opportunities for the coin(ChangeHero).
Overall, Monero’s technical stability and growing use in privacy-centric applications could indicate stronger performance in the weeks to come. However, regulatory scrutiny and market volatility remain challenges that could influence its price action.