Monero Breaks Out of Two-Year Basing Pattern, Trading at $214
Monero (XMR) has broken out of a two-year consolidation range between $100 and $200, climbing 4% in the last 24 hours to $214. This breakout is viewed as indicative of renewed bullish sentiment.
- The previous basing pattern followed a decline from its 2021 peak of $517.
- Market capitalization stands at $3.95 billion, making Monero the 36th largest cryptocurrency.
Regulatory Challenges
Since its launch in 2014, Monero has faced regulatory scrutiny due to its privacy features, which have been exploited for illicit activities. This has led to delistings from major exchanges like Binance, Kraken, and OKX, impacting its price.
- Binance's delisting announcement in February 2024 resulted in a one-third drop in XMR's value.
- Despite these challenges, demand for privacy-focused transactions remains strong.
- ZCash (ZEC) currently trades around $48.4 with a market cap of $800 million.
Bullish Outlook
Analysts predict that XMR could surpass $300 by year-end, with a critical resistance level at $287. However, a return to the previous consolidation range may negate this outlook.
- The daily Relative Strength Index (RSI) is at 55.55, indicating potential investor accumulation.
- The Moving Average Convergence Divergence (MACD) shows a bullish trend as the MACD line is above the signal line.
