Monero Price Rebounds 15% to $350 Amid Market Recovery

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

Should l Buy XMR?

Price Rebound: Monero (XMR) price rebounded nearly 15% over the past week to $350 as investors bought the dip to a yearly low, indicating sustained market interest in privacy coins.
Bullish Indicators: The price is on the verge of confirming a bullish MACD crossover, suggesting that buying pressure is beginning to outweigh selling pressure, potentially paving the way for further upside in the coming weeks.
Breakout Pattern: Monero has confirmed a breakout from a falling wedge pattern, which is historically a reliable indicator of an impending bullish reversal; if the price continues to rise, it could reach the strong resistance level of $625.
Market Dynamics: As global surveillance concerns rise, demand for Monero is increasing in illicit marketplaces, with nearly 48% of newly launched darknet markets now exclusively supporting XMR, highlighting its significance in circumventing regulatory scrutiny.

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Technical Analysis for XMR

Technical Sentiment Analysis for Monero (XMR). As of , Monero (XMR) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for XMR stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, XMR is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Monero (XMR) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	155.908	216.094	275.628	335.814	395.348	455.534	515.068
Fibonacci	216.094	261.827	290.081	335.814	381.547	409.801	455.534

About XMR

Monero was launched in 2014, and its goal is simple: to allow transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography.The team behind Monero say privacy and security are their biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users — irrespective of how technologically competent they are.Overall, XMR aims to allow payments to be made quickly and inexpensively without fear of censorship.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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