It is said that the market usually falls quickly and rises slowly. This year’s price action of privacy-focused cryptocurrency Monero (XMR) is a perfect example.
XMR fell more than 35% to $100 in early February after Binance, the leading exchange by trading volume and OI (open interest)*, delisted the token on the grounds that it did not meet Meets exchange standards.
It took XMR 4 months to compensate for the slide. According to charting platform TradingView, the cryptocurrency briefly topped $180 last week, hitting its highest level since Jan. 23 and was last seen trading near $170. on Kraken.
XMR is up nearly 25% in four weeks, outperforming most of the top 100 cryptocurrencies by market value, including BTC and ETH.
While the exact reason for the price increase remains unclear, conversations on social media shows The recent crackdown on Botnet exploitation in several European countries may have helped.
Botnet mining is a malicious practice that uses a remotely compromised computer network to mine cryptocurrency. Cybercrime has been around for a long time prefer XMR to exploit botnets because its security features make it difficult for law enforcement agencies to trace the flow of funds obtained through botnet exploitation and other illegal activities.
The recent decision by 2Miners, one of the leading XMR mining pools, to stop mining XMR may also have contributed to the price increase. Miner has Notification delisting XMR on June 10.
Golden cross
It’s worth noting that while XMR reversed its slide in February, it has yet to break out of its two-year trading range of $100-185. Momentum studies show breakout potential ahead.
For example, the 50-day simple moving average of XMR price has crossed above the 200-day SMA, confirming the Golden Cross. This pattern suggests a potential long-term bullish momentum change.
XMR price chart daily | Source: TradingView
*OI (open interest) is a measure of the total value of all outstanding or “uncleared” futures contracts on exchanges, and is also an indicator of market price increases and sentiment. trader’s rationale surrounding a specific asset class.
You can see XMR price here.
Minh Anh
According to Coindesk
