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Monero Price Continues Bull Run as Bulls Target All-Time High
Monero (XMR), the largest privacy-focused cryptocurrency, has been on a consistent upward trajectory this year, achieving a high of $402. The coin has experienced seven consecutive weeks of growth, with last week marking its strongest performance in this cycle, climbing over 20%. This surge represents a remarkable 300% increase from its lowest price in 2024, pushing Monero’s market capitalization to $7.4 billion.
Monero’s Resilience Despite Delistings
Monero’s progress stands out, particularly considering its delisting from major tier-1 exchanges like Coinbase and Binance. Currently, its trading activity is concentrated on platforms such as KuCoin, HTX, and MEXC. These limitations have not hindered the coin’s significant price rally, signaling strong demand for privacy-focused cryptocurrencies.
Privacy Coins Gain Momentum Amid Legal Issues
The rising demand for privacy-focused cryptocurrencies like Monero can be partly attributed to ongoing legal challenges faced by Tornado Cash, a decentralized privacy protocol built on Ethereum. Other privacy coins, such as ZCash (ZEC), have also seen notable gains. For instance, ZCash’s price surged to $50, marking a 95% increase from its lowest point this year.
A noteworthy development fueling Monero’s growth was a suspicious transfer of over 3,520 Bitcoins (worth approximately $330 million) into XMR. While the exact details remain unclear, crypto investigator ZachXBT suggested the transfer might be linked to a hack.
Hackers and Monero’s Privacy Features
Analysts predict that Monero’s demand could continue to rise in response to increasing crypto hacks. Recently, Cetus Protocol, a decentralized exchange on the Sui blockchain, suffered a hack resulting in losses of around $223 million. Hackers often prefer Monero over stablecoins like USDT and USDC due to its robust privacy features, which make transaction tracking significantly more difficult.
How Monero Ensures Privacy
Monero employs advanced privacy technologies to protect users:
- Ring Signatures: These group multiple transactions together, making it challenging to identify the actual sender.
- Stealth Addresses: Monero generates unique, one-time addresses for every transaction, ensuring anonymity.
- Ring Confidential Transactions: This feature conceals the transaction amount, adding another layer of privacy.
These features have solidified Monero’s reputation as a preferred choice for individuals seeking privacy in the cryptocurrency space.
Monero Price Technical Analysis
The weekly chart highlights Monero’s impressive breakout after three years of trading within a tight range between $127 and $187. This price movement aligns with the markup phase of the Wyckoff Theory, which occurs when demand surpasses supply.
Currently, Monero’s price remains above the 50-week and 100-week Exponential Moving Averages (EMAs), signaling strong bullish momentum. However, the Relative Strength Index (RSI) shows that the coin is highly overbought, suggesting potential caution for traders.
The bullish trend is expected to persist, with bulls targeting the all-time high of $517—approximately 27% above the current price. Upon reaching this resistance level, Monero may enter the distribution phase of the Wyckoff Theory, potentially leading to a price pullback.
Stay updated on the latest cryptocurrency trends and insights as the market continues to evolve.
