Monero (XMR), the leading privacy-focused cryptocurrency, has witnessed a remarkable rally in 2024, climbing over 113% from its yearly low. This surge comes on the heels of a significant US court ruling in favor of Tornado Cash, a cryptocurrency mixer that had been sanctioned by the US government.
The Tornado Cash victory has reignited interest in privacy coins like Monero, Dash, and ZCash, which have faced increased scrutiny and delistings from major exchanges in recent years. Monero’s unique features, such as ring signatures and stealth addresses, ensure transaction anonymity, a characteristic highly valued by privacy-conscious users.
The recent US presidential inauguration and the appointment of crypto-friendly regulators like Mark Uyeda and Paul Atkins have further bolstered investor sentiment. This shift in regulatory landscape raises the possibility of major exchanges relisting Monero, potentially fueling a significant price surge and increased network activity.
Technical Analysis:
Monero‘s price has been consolidating within a defined range since 2022, mirroring the price action of Ripple (XRP) prior to its recent rebound. This consolidation period suggests a period of accumulation, often followed by a sharp price increase.
Currently, Monero is trading above key resistance levels and the 50-day moving average, with the Average Directional Index indicating strong upward momentum. These factors point to a potential parabolic rise, with a retest of the $300 psychological level and a potential rally towards its all-time high of $515.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Monero Surges 5% In 24 Hours – Will It Break Through $163 Resistance?
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