The privacy-focused cryptocurrency Monero (XMR) has seen a significant surge in value, with a 7.7% increase in the last 24 hours and a 16.5% rise over the past week.
Trading volume for Monero has doubled in the past 24 hours, following a period of decline that hit a low point in mid-April. In fact, on April 13th, XMR was valued at $115 per unit, but today it is trading at $181.
Despite facing challenges this year, including delistings from centralized exchanges, Monero’s price has been steadily climbing. The crypto asset’s hashrate experienced fluctuations, with a significant drop at the end of May following Europol’s “Operation Endgame,” which targeted botnets and shut down over 100 servers.
Over the last 30 days, Monero has seen a 37.8% increase against the U.S. dollar, with a 24-hour trade volume of around $128.82 million. The most active exchange for Monero on June 10, 2024, is HTX according to coingecko.com. The trading volume for XMR has doubled since June 9, with USDT being the most popular trading pair, making up 82% of XMR trades.
Monero’s charts display a strong bullish trend across various timeframes, with prices rising from $130 to $181 since mid-May. The uptrend is supported by increasing volume, indicating strong buying interest. Key support levels are at $170, $160, and $150, with the next resistance level expected to be around $190.
Technical indicators for XMR/USD suggest the asset may be nearing overbought territory, hinting at a potential pullback. Immediate support levels are around $176 and $172, with resistance near $185 and a potential resistance at $190. Moving averages across different timeframes confirm a bullish trend.
While oscillators provide mixed signals, the overall technical indicators point towards a continuation of the bullish trend for Monero. Investors are advised to pay attention to resistance levels for potential profit-taking opportunities.
What are your thoughts on Monero’s market performance? Feel free to share your opinions in the comments section below.
