Monero (XMR) has exited a two-year consolidation range between $100 and $200.
The token gained 4% in the last 24 hours, currently trading at $214.
Analysts project Monero could surpass $300 by year-end, despite ongoing regulatory hurdles.
Monero XMR$230.524h volatility:1.8%Market cap:$4.25 BVol. 24h:$62.21 M
, the flagship privacy-focused cryptocurrency, has surged out of a prolonged basing pattern, suggesting the token is entering a new bullish phase. After spending over two years in a tight consolidation range between $100 and $200, Monero has broken out, climbing 4% in the past 24 hours to trade at $214. Analysts are pointing to this breakout as a sign of renewed optimism for XMR’s price trajectory.
The two-year basing pattern reflected a supply-demand equilibrium following Monero’s crash from its 2021 peak of $517. The breakout indicates that bear market lows have been absorbed, paving the way for upward movement. According to Wyckoff analysis, this shift suggests the “path of least resistance” now favors buyers. With a market capitalization of $3.95 billion, Monero currently ranks as the 36th largest cryptocurrency by market cap.
Photo: CoinDesk
Regulatory Challenges
Launched in 2014, Monero remains a leader in privacy-focused cryptocurrencies, offering anonymity and fungibility features. Its blockchain obscures user identities and transaction details, making it a popular choice for individuals and businesses seeking privacy. However, the token’s ability to obscure transactions has been exploited by hackers and cybercriminals in the past, resulting in significant regulatory challenges.
Regulatory pressures led to the delisting of Monero from multiple exchanges like Binance, Kraken, and OKX, limiting accessibility and contributing to its subdued price performance during that time. In particular, Binance’s delisting announcement in February 2024 crashed XMR by a third within hours.
Despite these challenges, Monero’s strong fundamentals and advanced privacy features have resulted in Monero’s price potential optimism. Its continued use in privacy-critical scenarios suggests that there remains a substantial demand for truly private digital transactions. The token’s rival ZCash (ZEC) is currently trading at around $48.4, boasting a market cap of $800 million.
Bullish Outlook
Analysts believe XMR is currently undervalued and predict it could climb above $300 by the year-end. The next critical resistance level is $287, a price last reached in April 2022. However, analysts caution that a move back into the previous consolidation range could negate this bullish outlook.
Photo: TradingView
XMR’s technical indicators further support the positive sentiment. The daily Relative Strength Index (RSI) stands at 55.55, signaling the likelihood of investor accumulation in the near term. Meanwhile, the Moving Average Convergence Divergence (MACD) line (in blue) remains above the signal line (in red), reinforcing the bullish narrative.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.