🌎 Monero Price Surges 113 Percent

Monero Price Rallies for Five Consecutive Weeks, Reaches Levels Last Seen in April 2022

The Monero price has been on the rise for five consecutive weeks, reaching levels not seen since April 2022. As of January 23, Monero was trading at $220.70, representing a 113% increase from its lowest level in 2024.

US Court Ruling Sparks Rally in Privacy-Focused Cryptocurrencies

A recent US court ruling in favor of Tornado Cash, a popular crypto mixer, has positively impacted the price of Monero and other privacy-focused coins like Dash and ZCash. The US government had previously argued that Tornado Cash facilitated money laundering, leading to sanctions. The ruling has alleviated some of the scrutiny faced by these coins in recent years.

As a result of the ruling, popular exchanges like Kraken, Binance, and Coinbase may reconsider delisting Monero and other privacy-focused coins. This potential relisting could lead to increased demand and a subsequent price surge.

Monero’s Privacy Features and Potential for Relisting

Monero’s unique privacy features, including ring signatures and stealth addresses, make transactions untrackable. These features have contributed to the coin’s popularity and potential for growth.

With the recent appointment of crypto-friendly regulators like Mark Uyeda and Paul Atkins, there is a possibility that mainstream exchanges will relist Monero. This development, combined with the US court ruling, could lead to increased adoption and a higher price for Monero.

Monero Price Analysis

The weekly chart shows that Monero has been consolidating between key support and resistance levels at $117 and $181 since 2022. This accumulation phase is similar to that of Ripple (XRP), which rebounded in November last year. According to the Wyckoff Method, this phase is often followed by a markup phase characterized by higher demand than supply.

Monero has now moved slightly above the resistance at $181 and the 50-day moving average. The Average Directional Index has moved to 22, indicating a strong trend. This suggests that Monero may go parabolic, retesting the psychological point at $300, and potentially rallying by 140% to its all-time high of $515.

Key Takeaways:

Monero’s price has rallied for five consecutive weeks, reaching levels last seen in April 2022.
The US court ruling in favor of Tornado Cash has positively impacted the price of Monero and other privacy-focused coins.
Monero’s unique privacy features make it a popular choice for those seeking anonymity.
A potential relisting on mainstream exchanges could lead to increased demand and a higher price for Monero.